Egypt signs new technology transfer agreements with lead German companies

on: November 20, 2019In: Business & Economy

The Egyptian Arab Organization for Industrialization (AOI) has signed four agreements with major German companies to transfer and localize German technology in Egypt, in addition to training Egyptian engineers and technicians to transfer expertise.

General Abdel Moneim Al-Tarras, chairman of the AOI, said the agreements included fields like digital transformation, localization of the orthopedic supplies industry, in addition to the manufacturing of tools and equipment for street cleaning, hospitals, and metal plates for cars.

Al-Tarras assured genuine political will to boost development in Egypt, noting that Egyptian President Abdel-Fattah El-Sisi follows up on deepening local industrialization, and transferring and localising technology.

“The major German specialized companies are looking forward to cooperating with and pumping more investments into Egypt in a way that keeps pace with the growing partnership between the two sides,” he added.

The agreements came on the sidelines of Egyptian participation in an investor’s conference, under the auspices of the G20’s Compact with Africa initiative, being held in Berlin.

Al-Tarras said the participation of an Egyptian ministerial delegation and group of senior Egyptian businessmen and industry representatives came within the framework of Egypt’s growing importance on the international scene.

“Egypt’s position in the Africa continent looks like the German one in the European Union, so when the two countries meet, that opens the door for economic cooperation and partnership between the countries of two continents,” he stressed.

He added that the decision of international companies such as DMG Mori and Karcher to open their doors and to full cooperation with Egypt, through the AIO, is a major and important development.