Friday 22 Nov
Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, oversaw the signing of a memorandum of understanding (MoU) between Egypt's General Authority for Industrial Development and Siemens Industries. The agreement aims to foster the development of local manufacturing and assembly capabilities for low and medium voltage electrical components and products in Egypt
Dr. Nahed Youssef, Chairman of
the General Authority for Industrial Development, and Mostafa El-Bagoury, CEO
of Siemens Egypt, signed the MoU. The event was attended by Stephan May, CEO of
Siemens AG's Electrification and Automation Division, and Andreas Maty, CEO of
the Electrical Products Division.
This partnership marks a
significant step towards strengthening Egypt's industrial sector and promoting
self-sufficiency in the production of essential electrical equipment.
The Minister of Industry
emphasized the importance of the recent memorandum of understanding (MoU)
signed between Egypt and Siemens. The agreement aims to localize various
industries in Egypt, focusing on the development and domestic manufacturing of
low and medium voltage electrical components.
He highlighted the MoU's
contribution to enhancing Egypt's industrial capabilities and its alignment
with the country's broader goal of becoming a regional manufacturing hub in the
Middle East and Africa.
By partnering with Siemens, Egypt
seeks to transfer advanced technology by leveraging Siemens' expertise in
electrical solutions and automation to drive innovation, promote sustainable
practices by adopting more efficient and environmentally friendly industrial
processes, and expanding value-added industries by increasing the production of
high-quality products to meet local demand and explore export opportunities.
The minister assured the
government's full support for the project's success and expressed interest in
further collaborations with Siemens in various sectors, including
transportation and manufacturing.
Moustafa El-Bagoury, CEO of Siemens
Egypt, reaffirmed the company's dedication to fostering the development of
Egypt's industrial sector. The recent memorandum of understanding (MoU) with
the Egyptian government underscores Siemens' commitment to localizing the
production of low and medium voltage electrical products within the Egyptian
market. Siemens is actively investing in shaping the future of Egypt's
industrial landscape and transferring valuable knowledge and expertise. This
strategic move is instrumental in driving sustainable growth and technological
advancement within the country.
El-Bagoury expressed Siemens'
pride in supporting Egypt's aspiration to become a regional leader in advanced
manufacturing and innovation. Through this partnership, Siemens will supply the
local market with world-class electrical products and solutions. This will not
only bolster Egypt's competitive edge but also equip it to confidently and
efficiently navigate future industrial challenges.
