Minister of Communication and Information Technology Amr Talaat and STMicroelectronics' Executive Vice President Ricardo De Sa Earp reviewed Saturday 14/05/2022 the company's investment plans in Egypt.
Headquartered in Switzerland, the French-Italian multinational electronics & semiconductors manufacturer plans to open a research and development center in Maadi Technology Park, Egypt's first specialized investment zone.
During a meeting between the minister and the group's vice chief, in the presence of Amr Mahfouz, CEO of Egypt's Information Technology Industry Development Agency (ITIDA), Talaat commended the company's move to expand its investments in such an important industry, especially in light the growing global demand for electronics.
The State is working on boosting its capabilities in the telecommunications industry, buoyed by its competitive advantages in the value-added service (VAS), which would stimulate the business of global tech leaders operating in Egypt, the minister said.
Talaat also stressed his 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 entrenching local electronics design and manufacturing, as a main driver of economic growth.
Meanwhile, the company's vice chief revealed his institution's plans for expanding its business in Egypt, furthering mutual cooperation with ITIDA, and entering into partnerships with national specialized colleges and universities.
De Sa Earp added that STMicroelectronics looks forward to using its center in Egypt for bringing about a paradigm shift in the electronics & semiconductors industry and electronic circuit design research.
STMicroelectronics Inc. provides manufacturing services for electronics products including semiconductors, multimedia products, power applications, and sensors. The company operates and distributes products throughout the world.