Egypt’s Minister of Communication and Information Technology, Amr Talaat and STMicroelectronics’ Executive Vice President Ricardo De Sa Earp reviewed the company’s investment plans in Egypt on 14 May.
The French-Italian multinational electronics and semiconductors manufacturer, headquartered in Switzerland, wants to open a research and development centre in Maadi Technology Park, Egypt’s first specialised investment zone.
In a meeting between the Minister, the Group’s Vice Chief, and the CEO of Egypt’s Information Technology Industry Development Agency (ITIDA), Amr Mahfouz, the Minister praised the entity’s move to expand its investments in such a crucial industry, in light of increasing demand for electronics globally.
According to Talaat, the government is currently working on boosting its capabilities in the telecommunications industry, strengthened by its competitive advantages in the value-added service (VAS), which would, in turn, stimulate the business of global tech leaders operating in Egypt.
The Minister also emphasised the ministry’s commitment to an environment conducive to promoting this strategic industry as part of President Abdel Fattah Al-Sisi’s initiative “Egypt Makes Electronics” for establishing local electronics design and manufacturing, as the main driver of economic growth.
STMicroelectronics’ Vice Chief also revealed the company’s plans to expand its business in Egypt, promoting cooperation with ITIDA and establishing partnerships with national specialised colleges and universities.
Furthermore, De Sa Earp stated that STMicroelectronics is looking forward to using its centre in Egypt to transform the electronics and semiconductors industry and electronic circuit design research.
STMicroelectronics Inc. provides manufacturing services for electronics products, including semiconductors, multimedia products, power applications, and sensors.