Thu, 29 Apr 2021 - 12:14 GMT
Egypt’s Ministry of Transportation, the Ministry of Planning, and the National Egyptian Railway Industries Company signed a Memorandum of Understanding (MoU) with South Korean Hyundai Rotem - press photo
CAIRO – 29 April 2021: Egypt’s Ministry of Transportation, the Ministry of Planning, and the National Egyptian Railway Industries Company signed a Memorandum of Understanding (MoU) with South Korean Hyundai Rotem on Wednesday to localize train industry and transfer the South Korean technology.
A signing ceremony was attended by South Korean ambassador in Egypt Jin-wook Hong, Egyptian Minister of Transportation Kamel al-Wazir, and Egyptian Minister of Planning Hala Elsaid, according to a statement from the South Korean embassy in Egypt on Wednesday.
“[The MoU] opens a new era of cooperation between Korea and Egypt in the transportation area including railways and metros,” the statement said.
The MoU, which came as a result of a discussion between Egyptian President Abdel Fattah Al-Sisi and Chairperson and CEO of Hyundai Rotem Yong-Bae Lee, will facilitate the joint cooperation between Hyundai Rotem and NERIC to help Egypt localize railway industry.
“Egypt’s President Al-Sisi looked forward to establishing strategic cooperation with Korea especially in the heavy industries sector that depends on labour intensity and advanced technology for industrial localization and technology transfer, emphasizing that Korea is the role-model of Egypt for the economic development,” the statement said.
“The project aims at exporting subway cars made in Egypt to the third countries as well as strengthening Egypt’s capability in the transportation infrastructure which Egyptian people use every day,” said Ambassador Hong during the ceremony.
He expected that when the Korean President visits to Egypt in the near future, which was postponed due to COVID-19 Pandemic, it would be a good momentum for the two countries to deepen its strategic cooperation in various fields including energy, infrastructure, health, ICT and defend industries.
On Tuesday, President Abdel Fatah al-Sisi received CEO of Hyundai Rotem Lee Young-Bae, discussing cooperation opportunities in the fields of green hydrogen production, and powering trains with new and renewable energy.
The meeting tackled the localization of the manufacturing of trains as well as signaling, communications, control, and driving systems in Egypt.
In that context, the president affirmed that South Korea is a development partner and that the government looks forward to establish a strategic partnership with the company in many industrial sectors, particularly heavy industries that are labor-intensive but still use advanced technology.
President Sisi reiterated that "the localization of industries and technology transfer are a priority to Egypt in international partnerships and that they constitute a preferential factor when making deals," the presidency's statement reads.
The president showcased that the country currently possesses all means that allow increasing the local component in any product, and that it is a good base to export to Africa and other states in the region.
The CEO of Hyundai Rotem said that the company is launching factories in Egypt for manufacturing metro cars, signaling systems, and control and driving equipment as well as offering railway engineering services.