President El-Sisi Meets with CEO of Hyundai Rotem
Wednesday، 28 April 2021 - 11:28 AM
President Abdel Fattah El-Sisi met on Tuesday 27/4/ 2021 with CEO of the Korean company “Hyundai Rotem” Mr. Lee Yong-bae in the presence of Prime Minister Dr. Mostafa Madbouly, Minister of Planning and Economic Development Dr. Hala El-Said, Minister of Transport Lieutenant General Kamel El-Wazir, Minister of Trade and Industry Mrs. Nevine Gamea, Minister of State for Military Production Mohamed Ahmed Morsy, and the Korean ambassador to Cairo Hong Jin-wook.
The Spokesman for the Egyptian Presidency stated that the meeting discussed joint cooperation with Hyundai Rotem for localizing the train industry, including the signal and communication systems as well as Command and control equipment.
The President emphasized the role of Korea as an effective development partner in Egypt and confirmed that the country is looking forward to establishing strategic cooperation with the Korean company in many industrial fields, especially in the heavy industries. They depend on labor intensity and advanced technology.
The President asserted that localizing industry and technology transfer to Egypt are among the country's priorities in cooperating with international partners and a preferential factor in contracting for the implementation of industrial projects in Egypt, particularly as Egypt possess all the elements of industry localization and advanced technology transfer, utilizing the largest possible percentage of local components. Hence, the doors are open for exporting the company's products to the countries of the region and the African continent in light of Egypt’s strategic location.
For his part, Mr. Yong-Bae Lee expressed how honored he was to meet with President El-Sisi. He presented the projects that Hyundai Rotem aspires to implement in Egypt during the next stage, including the project aimed to manufacture subway cars and command and control equipment, develop signal systems, and implement railway engineering works. It was stressed that the company is keen to take advantage of the promising opportunities offered by the Egyptian economy through many current or future development projects related to the activity and expertise of the company.
Opportunities for joint cooperation in the field of energy, especially green hydrogen production, were also discussed. The aim of this cooperation efforts is to make use of Egypt's natural resources of new and renewable energy, a clean source of energy that could be used as fuel for trains.