Chairman of the Arab Organization for Industrialization Abdel Moneim El-Tarass on Friday discussed in a meeting with Hungarian Ambassador to Egypt Péter Kveck and CEO of Tungsram Group Joerg Bauer means of boosting bilateral cooperation in the field of manufacturing energy-saving LED light bulbs and street lighting lamps, in addition to producing water and gas meters.

During the meeting, El-Tarass asserted the importance of fostering cooperation with Hungary to promote local manufacturing of energy-saving lighting equipment in collaboration with global companies.

The AOI head discussed with the CEO of Tungsram Group the possibility of injecting joint investments to meet the growing demand for this equipment in smart cities and roads in Egypt.

The AOI is aimed at fulfilling the local market needs for energy-saving lighting equipment and exporting the surplus to Arab and African markets, El-Tarass added.

For his part, the Hungarian company head lauded the AOI advanced manufacturing capabilities and its plans to deepen local manufacturing, as well as its participation in many development projects in Egypt, and in the Arab world and Africa.

Bauer said the Tungsram Group seeks to make good use of the AOI’s industrial base to satisfy the increasing demand for energy-saving equipment, which he described as a key step towards the localisation of technology, in accordance with international quality standards in Egypt and the African region.

For his part, the Hungarian ambassador stressed that the next period is expected to see a strategic shift to the transfer and localisation of technology, hailing the underway national projects carried out by the country, including the New Administrative Capital.