Transport Minister Kamel el Wazir and Planning Minister Hala el Saaed signed a memorandum of understanding to localize the industry of metro and electric train cars in Egypt.
The deal was signed by the National Egyptian Railway Industries Company (NERIC) and South Korean train manufacturer Hyundai Rotem.
In a statement on Thursday, the transport minister said that the signing of the deal falls within the political leadership's directives on the localization of railway industry, particularly the industry of multiple-unit trains, within the coming six years.
Under the deal, South Korea's Hyundai Rotem will transfer its leading-edge technology in manufacturing railroad cars to NERIC to enable it to locally manufacture 25% of metro and electric train cars within two years, 50% of train cars after four years and 75% of train cars within six years, the statement added.
Wazir described the deal as a "quantum leap" in the field of locally manufacturing railcars in Egypt to cater for the country's needs, in
In the same context, the transport minister said that Hyundai and SEMAF company sealed a contract to supply 32 air-conditioned trains to Cairo Metro Line 3.
For her part, the planning minister said that the signing of this MoU is a serious step to locally manufacture railcars and part of Egypt's structural reform program that was announced by the government this week.
She further noted that the government's launch of the National Structural Reform Program (NSRP) aims at localizing industry and creating a conducive climate for the private sector.
For his part, the South Korean ambassador underlined the depth of relations between Egypt and South Korea, underlining that fruitful cooperation between the two sides is a reflection of these strong ties.
He added that the South Korean side will do utmost effort to strengthen this cooperation.
CEO of Hyunda Rotem Yong-Bae Lee expressed his happiness at meeting President Abdel Fattah El Sisi, pledging to exert utmost effort to boost cooperation with NERIC and transfer his company's advanced technology in manufacturing railroad cars to it.