The Arab Organization For Industrialization (AIO) signed on Thursday 10,2019 a memorandum of understanding with the Russian companies of Almaz and Azimut.
Trade and Industry Minister Amr Nassar, his Russian counterpart Denis Manturov and AOI Chairman Abdel Moneim Altras attended the inking ceremony.
The memo was inked within the framework of President Abdel Fattah El Sisi's directives to promote technology and the local industry through partnerships with international companies in order to enhance the national economy and boost investments.
Nassar said the government is supporting the AOI to serve these goals, highlighting the impact of these strides on making up for the deficit in trade balance and propping up all industrial sectors.
He said the ministry seeks to magnify the benefit of the AOI which can manufacture and design products and some components imported by Egypt for industrial purposes.
AOI Chairman Altras underlined the importance of cooperation with Russia.
Under the memo, Azimut will train Egyptian cadres on using up-to-date technology, especially vis-a-vis airports' infrastructure.
The AOI will also cooperate to establish a technical center for monitoring and navigation.
Officials from the two companies hailed the AOI potentials, especially for adopting modern technology.