The Arab Organization for Industrialization (AOI) and the Hungarian lighting multinational Tungsram signed an MoU on Thursday on joint manufacturing of street lighting and other lighting products in Egypt.
The MoU was signed in the presence of the chairman of AOI Abdel-Moneim El-Taras and the CEO of Tungsram, and head of the Egyptian-Hungarian Joint Committee, Joerg Bauer.
Under the agreement, the two sides agreed to implement a partnership and adapt technology in manufacturing energy-efficient lighting equipment, including LED lamps, street lighting, and smart lighting solutions for smart cities, Al-Taras said.
The products will contribute to meeting domestic needs and will also be exported to African and European markets, he added.
The agreement comes in line with directives of President Abdel-Fattah El-Sisi to improve technology transfer and localisation, strengthen local production of energy-efficient lighting equipment, and increase VAT via cooperation with international companies.
Bauer praised AOI's efforts to enhance local manufacturing and its participation in implementing various development projects in Egypt, Africa, and the Arab world.