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Egypt, Hyundai Rotem pen MoU to localize train industry

Egypt, Hyundai Rotem pen MoU to localize train industry

ArabFinance: Egypt’s Ministry of Transportation, the Ministry of Planning, and the National Egyptian Railway Industries Company (NERIC) signed a Memorandum of Understanding (MoU) with South Korean Hyundai Rotem, according to a recent press release.

The deal aims at localizing the training industry and transferring South Korean technology.

The Minister of Transport Kamel El Wazir noted that the deal falls in line with the framework of the political leadership's directives to localize the railway industry, especially the manufacture of mobile units and produce them with high quality locally, to provide new trains for the various subway lines and electric traction during the next six years.

On April 26th, Egypt's Ministry of Transportation will launch 107 projects at EGP 617.7 billion on July 1st.

 

 

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