Prime Minister Mostafa Madbouli on Saturday 22/05/2021 attended the signing ceremony of a partnership contract between the Arab Organization for Industrialization and the German DMG Mori company to establish a Computer Numerical Controls (CNC) factory in Egypt.
Head of the Arab Organization for Industrialization Abdel Moneim El-Terras and Chairman of DMG Mori Executive Board Christian Thones signed the partnership contract.
The factory, the first of its kind in Africa, will be established upon an agreement between President Abdel Fattah El Sisi and the German firm's officials.
The past few years witnessed cooperation between the company and several Egyptian institutions, including the ministries of transport and military production, the Arab Organization for Industrialization, as well as business and private sector companies, Tarras said.
The fully automated and highly programmable factory is scheduled to be officially opened in 2023, he added.
Its annual capacity will exceed 1,000 machines, he further added.
In turn, Thones said the Egyptian economy has improved and the country is now open to more new growth opportunities thanks to President Sisi's efforts.
Egypt has an economy with promising investment potential, he added.
The factory will be established according to the standards of the Fourth Industrial Revolution, Thones revealed.