Minister of Communications and Information Technology Amr Talaat witnessed the signing of a memorandum of understanding (MoU) between the Information Technology Industry Development Agency (ITIDA) and Valeo to expand its investments and business volume in Egypt.
The event was also attended by Mark Vrecko, Valeo Comfort & Driving Assistance Systems Business Group President.
Under this MoU, Valeo will expand its business in Egypt, increase its exports of software services, and provide additional job opportunities for more than 850 engineers based in Egypt in order to export software to its clients abroad.
The MoU also stipulates that the ITIDA and Valeo will cooperate in building the capabilities of Egyptian cadres by providing specialised training in the field of software and electronics, in addition to creating job opportunities for trainees as part of Valeo’s efforts to expand its business in Egypt.
The MoU was signed by Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA); and Tamer Aly, Valeo Egypt general Manager & Group Technical Center Vice Président.
For his part, Talaat said that Valeo’s interest in expanding its business in Egypt reflects the attractiveness of the Egyptian ICT sector to foreign investments and the availability of young cadres with creativity and leadership in development processes, stressing the state’s keenness to enhance Egypt’s position in providing value-added information technology services and cross-border services, especially as it is a leading global destination in this field.
He also referred to the efforts of his ministry to develop the technical skills of young people — especially in the delicate technological disciplines — in a way that contributes to providing digital competencies for international companies operating in Egypt, in addition to providing facilities and investment incentives for international companies to create an environment conducive to the growth of investments.
Moving on, Mahfouz indicated that in light of the interest and directives of the Ministry of Communications and Information Technology to encourage and attract foreign investments in the field of value-added information technology services, the authority is working to enhance Egypt’s competitiveness in these areas, as well as providing support and talent development in the fields of embedded systems and electronics design, all within the framework of Egypt’s 2022-2026 Digital Strategy for the outsourcing industry, through which it aims to triple the volume of digital exports.
Additionally, Ali pointed out that Valeo Egypt is in continuous growth and contributes strongly to the group’s strategy towards creating a new era in automotive technology that depends entirely on AI and software.
The Valeo Egypt Technical Centre includes about 2,500 Egyptian engineers working on software engineering development in the field of embedded systems, electronic circuit design, intelligent transportation and autonomous driving for Valeo customers, including providing a full range covering all Valeo products to its customers all over the world.
The minister toured the Valeo Egypt Technical Centre, which is one of the largest centres of the Value Group and produces about 60% of the group’s total software production. It also develops about 250 projects annually for Valeo clients in France, Germany, the US, China, Japan, and others.