CORPORATE NEWS

 

Cairo, 31 May 2016

ITSC & SRP MoU Signing Ceremony

ITSC CEO Rahim El-Kishky (right) & SRP’s Mr. Liu Hui (Left)

The Minister of Communications and Information Technology Yasser ElKady witnessed, today, the ceremony of signing a Memorandum of Understanding (MoU) for cooperation between the Egyptian Information Technology and Services Co. (ITSC), and the Chinese company Ningxia Silk Road ePath Information Technology Service Co. (SRP).

The MoU sets forth the parties’ intent to cooperate in establishing an e-commerce system to facilitate the movement of trade between the two countries through the establishment of an integrated system linking between the companies specialized in the field of export and import in Egypt, China and Africa and all government bodies involved in export and import in the two countries. This cooperation aims to reduce the time and cost of exports from Egypt and China to Africa, improving the balance of payments between the two countries. Government entities in each country will be enlisted successfully in the system until completion.

The MoU also entails cooperation in the establishment of a logistic area in the economic zone of the Suez Canal. Management and provision of several services will be through using the latest IT systems provided by ITSC and SRP.

During the meeting, ElKady and the Chinese government representatives hailed the agreement and expressed their support and their pleasure to provide a new pattern of cooperation between Egyptian companies and Chinese counterparts, allowing continuous development of business system in the two countries, providing importing opportunities to both sides. The MoU is a new model of relations between the Chinese and Egyptian companies. Its clauses for the first time provides Egyptian IT services to the Chinese market, opens the way for joint cooperation in exporting all products to African countries and take advantage of the Suez Canal development scheme.

ITSC is a leading provider of electronic and financial services to the Egyptian market, provides services to more than seven million citizens annually in Egypt. It is one of China's leading companies in the field of electronic services, entrusted by the Chinese government recently to establish the e-commerce system between China and all African countries. Source: http://www.mcit.gov.eg