(MENAFN - Daily News Egypt) The Minister of Military Production, Mohamed Al-Assar, witnessed the signing ceremony of a memorandum of understanding (MoU) with representatives of Newton, a leading Saudi company, to deepen the use of technological applications in various economic and socials fields, a Sunday statement of the ministry said.
The newly signed MoU is part of the ministry' strategy to collaborate with Saudi companies to transfer new technologies to Egypt in the fields of marketing services, technical cooperation, and maintaining training at the ministry of military production' subsidiaries, the statement added.
The MoU paves the way to establishment of a partnership between the National Authority of Military Production and Newton in fields of exporting products to number of the Gulf Cooperation Council countries through the ministry's production lines in Egypt, the statement clarified.
The future partnership will contribute in achieving the Saudi Arabia 2030 vision that aims to deepen technologies.
The Saudi side is keen on contributing to the current economic leap in Egypt, Abdullah Mansour Soliman, CEO of Newton, said, adding that Egypt enjoys very promising investment opportunities.
Egypt's Ministry of Military Production's companies have very good technological potentials, he asserted, noting, "The ministry participated in megaprojects that were implemented in an accurate and highly professional way. There are many opportunities for further cooperation with the ministry of military productions' affiliated companies."