In light of the French delegation’s recent visit to Egypt, Valeo Egypt inked an agreement with the Information Technology Industry Development Agency (ITIDA) worth of EGP 21,000,000 over the coming 3 years aiming to foster innovation and research in digitization and Artificial Intelligence, all during the French-Egyptian Economic Forum held on the 28th of January.
The agreement was signed by Eng. Wael Abouelmaaty, Group Software Delivery Services Director and Valeo Egypt’s General Manager, and Ms. Maha Rashad, acting CEO of ITIDA, in the presence of their Excellencies, Dr. Sahar Nasr, Minister of Investment and International Cooperation and Dr. Amr Talaat, Minister of Communications and Information Technology, and Ms. Agnes Pannier-Runacher, French State Secretary for Economy and Finance.
As stated in the agreement, a long term partnership will be formed between Valeo and ITIDA with a contribution of EGP 6,000,000 aiming to avail world-class training opportunities on the latest ICT technologies in the automotive field, create jobs for Egyptian calibers as part of Valeo’s effort to expand its operation in Egypt, and promote an innovation and knowledge culture in Egypt that leverages Artificial Intelligence and Digitization technologies in electronic automotive systems.
Additionally, Valeo & ITIDA plan to contribute with EGP 15,000,000 dedicated to the development of research activities and the advancement of prototypes, patents and research papers production. Furthermore, Valeo will utilize its state of the art Car Lab research center facility, its software and hardware tools, and its local as well as international expertise to produce system prototypes, publish research papers, and register patents in the Egyptian patent office on an annual basis.
Through the agreement, Valeo is intending to support R&I projects and patents registration under Egyptian scientific initiatives, and is targeting the recruitment of around 1000 employees during 2019, 2020, and 2021 to have a total workforce of 3000 R&D Engineer.
“We are very excited to see Valeo’s operations ramping up in Cairo as their R&D center continues to be an aspirational, innovative work environment for our young talented graduates. We are thrilled to establish this new long-term partnership to promote research activities in the fields of Artificial Intelligence & electrification, which strengthens Egypt's positioning as a hub for disruptive technologies and high-end engineering services.” said Maha Rashad, Acting CEO of ITIDA.
“Valeo Egypt is pleased to continue the fruitful collaboration with MCIT/ITIDA in the fields of advanced training and research. We believe that such a promising project will surely enhance the progression of significant technologies - such as Artificial Intelligence & Digitization - in Egypt,” expressed Eng. Wael Abouelmaaty, Group Software Delivery Services Director and Valeo Egypt’s General Manager.
Since 2015, Valeo Egypt has been actively contributing to Valeo’s software innovation activities globally through locally developed patents, publications, and new product development and has since then introduced an Innovation Car lab in Cairo that delivers advanced automotive technology proofs of concept.
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