Cairo – Mubasher: The Arab Organization for Industrialization (AOI) has signed a memorandum of understanding with the China Ordnance Industries Group Corporation (Norinco), the Middle East News Agency (MENA) reported on Thursday.
The agreement is aimed at the promotion of the AOI’s strategy to add value to national industries that support universal development plans and fill the gap in the trade balance.
Head of AOI Abdel-Moneim El-Terras stressed the significance of cooperation with global companies under the guidance of President Abel Fattah el-Sisi with regard to the localisation of technology and the increase of local components in national industries.
The MoU with the Chinese company comes under the AOI’s plan to develop its products and manufacturing capacities using latest technologies in various industries, along with the enrichment of the experience of the organisation's employees, El-Terras added.
The top official said that the MoU promotes investment opportunities and trade exchange between Egypt and China.
