23 November 2017

Egypt: Sisi Confers With Schneider Electric CEO On Technology Transfer

President Abdel Fattah El Sisi received on Thursday Chief Executive Officer (CEO) and Chairman of the Multinational Electricity Company Schneider Electric Jean-Pascal Tricoire and a number of company officials.

The meeting was attended by Minister of Electricity and Renewable Energy Mohammad Shaker and Head of the Administrative Control Authority Mohammad Erfan.

Presidential Spokesman Ambassador Bassam Rady said that the meeting took up the companies activities in Egypt in the field of energy, renewable energy, infrastructure and information networks.

Sisi welcomed measures to intensify cooperation with the companies in the various fields in light of the Egyptian government's policy to implement mega investment projects as Egypt is considered one of the biggest markets in the Middle East region, the spokesman explained.

The spokesman said the president explained that the country is working on the construction of 12 new cities across the country including the New Administrative Capital with the aim of creating new generation of the modern cities with the involvement of specialized Egyptian cadres who enjoy distinguished practical and technical skills.

Schneider Electric chief, for his part, asserted that the company was keen on doubling its investments in Egypt in view of the current projects under construction, praising the achievements that have been crystallized over the past period in the various economic projects. He also said that Egypt ranks third among the biggest markets worldwide after the US and China.

Pascal also said that the company is keen on maximizing its role in extending power to remote areas with the use of solar energy to help enhance Egypt's development process. He also voiced the company's readiness to set up specialized training centers to provide new job opportunities.

The spokesman also said the meeting reviewed a number of projects that are proposed to be established in the field of renewable energy in addition to the company's plans to increase its works in Egypt.

Sisi reiterated the need for adhering to basic standards in implementing mega projects especially the construction cost and credit facilities along with the accomplishment schedule. He pressed the company to provide competitive offers to contribute to the comprehensive development process currently underway in Egypt.

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