Tungsram and AOI sign deal on joint manufacturing in Egypt
The Arab Organization for Industrialization and Hungarian lighting and tech multinational Tungsram have signed a Memorandum of Understanding in Cairo, involving the joint manufacturing of street lighting and other innovative solutions in Egypt, the company tells the Budapest Business Journal.
The signing ceremony. Photo by Tungsram.com.
The signatories to the deal were AOI managing director Mohamed Ahmed Morsi, and Tungsram president and CEO Jörg Bauer.
AOI is described as the largest and most advanced industrial entity in Egypt, with a responsibility to deliver the most developed technologies to the Egyptian market.
According to the memorandum, AOI will enter into a multi-level business cooperation with Tungsram in several projects via a joint venture. The key project is the production of outdoor street lighting, but the cooperation also covers smart solutions and agritech as well.
"The signing of todayʼs MoU is the result of close cooperation between the teams of AOI and Tungsram and intense preparation over the last weeks," Bauer said.
"This first milestone of the long-term partnership between AOI, one of the regionʼs most advanced companies, and Tungsram, a partner of Egypt for the last 100 years, opens the door for joint state-of-the-art innovation and the production of sustainable solutions that will directly benefit the citizens of Egypt and beyond," he added.
ADVERTISEMENT
IWG Opens New Regus Center in Biatorbágy
Parliament Negates Mandatory Membership in MOK
MNB Grants License to Local iBanFirst Fintech Branch
Meet the Expat CEO of the Year Nominees
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
