ITIDA: A value of LE 21mn with France’s Valeo for innovation, artificial intelligence

The Information Technology Industry Development Agency (ITIDA) revealed the details of an agreement it signed with French automotive supplier Valeo Group in January during the Egyptian-French Economic Investment Forum to encourage innovation and develop researches in the artificial intelligence and digital fields.

The three-year deal is worth EGP 21 million, said a statement by the ITIDA on Wednesday.

The memorandum of understanding aims at training young Egyptian cadres on using the state-of-the-art technologies in automotive field at a total cost of EGP 6 million.

The deal falls within the framework of Valeo’s plan to expand its work in Egypt and promote the culture of innovation and knowledge which are needed to develop artificial intelligence and digital techniques used in smart cars’ systems.

Under the deal, EGP 15 million are allocated for boosting cooperation aiming to develop the research activities.

Source: State Information Service Egypt