Egyptian president convenes with Hyundai Rotem to discuss cooperation in railway sector

CAIRO – 27 April 2021: President Abdel Fatah al-Sisi received on Tuesday CEO of Hyundai Rotem Lee Young-Bae to discuss cooperation opportunities in the fields of green hydrogen production, and powering trains with new and renewable energy.

The meeting tackled the localization of the manufacturing of trains as well as signaling, communications, control, and driving systems in Egypt.

In that context, the president affirmed that South Korea is a development partner and that the government looks forward to establish a strategic partnership with the company in many industrial sectors, particularly heavy industries that are labor-intensive but still use advanced technology.

President Sisi reiterated that "the localization of industries and technology transfer are a priority to Egypt in international partnerships and that they constitute a preferential factor when making deals," the presidency's statement reads.

The president showcased that the country currently possesses all means that allow increasing the local component in any product, and that it is a good base to export to Africa and other states in the region.

The CEO of Hyundai Rotem said that the company is launching factories in Egypt for manufacturing metro cars, signaling systems, and control and driving equipment as well as offering railway engineering services.

The meeting was attended by Prime Minister Mostafa Madbouli, Minister of Planning and Economic Development Hala al-Said, Minister of Transportation Kamel al-Wazir, Minister of Trade and Industry Nevine Gamea, Minister of State for Military Production Mohamed Ahmed Morsi, and South Korean Ambassador to Cairo Hong Jin-Wook.