Arab Finance: The Industrial Development Authority (IDA) has signed a memorandum of understanding (MoU) with Siemens AG to develop local manufacturing and assembly of low- and medium-voltage electrical products in Egypt, as per a statement.

Minister of Transport and Industry Kamel El Wazir emphasized that this partnership aligns with the ministry’s broader strategy to localize various industries in Egypt, driving industrial innovation through Siemens' expertise in electrical solutions and automation.

The initiative is expected to enable the local industry to adopt more efficient and sustainable solutions.

The collaboration with Siemens is set to expand value-added industries and technical components to meet the local demand, with plans to exports abroad, El-Wazir highlighted.

CEO of Siemens Egypt Mostafa El-Bagoury reiterated the company’s dedication to developing Egypt’s industrial sector by localizing the production of electrical products.

The company is supporting Egypt to become a regional hub for advanced and innovative manufacturing of low- and medium voltage products via this partnership, El-Bagoury added.

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