Finance Ministry to offer eight T-bill, bond tenders worth EGP 190bn this week    US forces capture Maduro in "Midnight Hammer" raid; Trump pledges US governance of Venezuela    Gold slips at start of 2026 as thin liquidity triggers profit-taking: Gold Bullion    ETA begins receiving 2025 tax returns, announces expanded support measures    Port Said health facilities record 362,662 medical services throughout 2025    Madbouly inspects Luxor healthcare facilities as Universal Insurance expands in Upper Egypt    Nuclear shields and new recruits: France braces for a Europe without Washington    Cairo conducts intensive contacts to halt Yemen fighting as government forces seize key port    Gold prices in Egypt end 2025's final session lower    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    Egyptian pound edges lower against dollar in Wednesday's early trade    Oil to end 2025 with sharp losses    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt to cover private healthcare costs under universal insurance scheme, says PM at New Giza University Hospital opening    Egypt completes restoration of 43 historical agreements, 13 maps for Foreign Ministry archive    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt, South Korea sign MoU to manufacture trains locally
Amwal Al Ghad Published in Amwal Al Ghad on 01 - 05 - 2021

Egypt has signed a Memorandum of Understanding (MoU) with South Korea's Hyundai Rotem to localise the train industry.
Egypt's Ministry of Transportation, Ministry of Planning and Economic Development, and National Egyptian Railway Industries Company (NERIC)have signed the agreement with the South Korean company
The signing ceremony was attended by: Minister of Transportation Kamel El-Wazir; Minister of Planning and Economic Development Hala El-Said; South Korean Ambassador to Egypt Hong Jin-Wook; and Essam Wali, Chairperson of the National Authority for Tunnels (NAT).
The MoU also covers the transfer of South Korean technology, and comes as a result of discussions between Egypt's President Abdel Fattah Al-Sisi and Yong-Bae Lee, Chairperson and CEO of Hyundai Rotem.
The discussions were aimed at facilitating the cooperation between Hyundai Rotem and NERIC to help Egypt localise the railways industry.
El-Wazir confirmed that the signature comes as part of the Egyptian leadership's directives to localise the manufacture of transportation units to a high quality.
This will also see Egypt provide new trains for the various metro lines over the next six years. The production will be undertaken in cooperation with Egyptian companies to settle this industry in the country.
"We are proud to start today the first real manufacturing steps for the moving units of the metro and the means of electric traction with a local manufacturing percentage," El-Wazir said, "President Al-Sisi directed for the localisation rate in local industry to reach up to 25% within two years, and 50% of the localisation after four years, and then up to 75% over six years."
The minister also said that the MoU's signing represents a great leap in localising the railway industry in Egypt. This comes particularly with the volume of national projects that the state is implementing in the field of modernisation and development of transportation in the metro and electric traction, indicating that this cooperation.

Clic here to read the story from its source.