CAIRO - 2 December 2021: Chairman of the Arab Organization for Industrialization (AOI) Abdel Monem al Terras asserted the importance of cooperation and partnership with international companies upon the directives of President Abdel Fattah El Sisi to localize technology and increase the percent of the local component in defense industries.
This came during inking a memorandum of understanding between the AOI and the Chinese NORINCO company as part of the 4th day activities of Egypt Defense Exhibition (EDEX) 2021.
Terras said the memo aims at transferring and localizing technology as well as boosting joint manufacturing in the defense industries and training human cadres.
He said the memo follows the latest standards of the 4th generation industrial revolution.
Cooperation fields boost opportunities of investment and trade exchange between Egypt and China, he said, asserting that the factors of developing cooperation fields between both countries are available in light of strong ties between them.
Meanwhile, major officials at NORINCO lauded the expertise of the AOI and their ability to develop technology to achieve the highest rates of local manufacturing, saying the Egyptian market is big and promising.