Egypt's Arab Organization for Industrialization (AOI) has signed an MoU with the South Korean firm Gwangju Techno Park company to localise technology and boost investment opportunities between both countries.
According to a statement issued by the AOI on Friday, the memorandum aims to increase the added value of industries that support comprehensive development plans, fill the importing gap and increase investment opportunities.
AIO Chairman Abdel-Moneim El-Tarras stressed the importance of cooperation and partnership with international expertise in implementation of the directives of President Abdel-Fattah El-Sisi on localising technology and increasing the proportion of local components in manufacturing.
"The area of cooperation includes trade exchange and technology localisation in fields of multi-purpose cars, home electronic devices, medical industries, health care, and renewable energy," said El-Tarras.
He noted that the organisation aims to meet the needs of comprehensive development projects and to open export outlets to Africa and the Arab region in the future.
Techno Park's representatives hailed the expertise of the AIO and its human capabilities, in addition to its ability to develop technology with scientific methods to achieve the highest rates of local manufacturing in accordance with international quality standards.
Gwangju Techno Park - founded in 1998 - is one of South Korea's leading companies in the provision of public relation services.