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 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.