The National Organization for Military Production and the Korean-Egyptian Development Association signed on Wednesday a memorandum of understanding to boost bilateral cooperation and set up joint projects.

The MoU also aims at establishing modern factories to meet the local market's needs and beef up Egypt's exports to countries of the Middle East and North Africa (MENA).

Military Production Minister Mohamed el Assar attended the signing ceremony.

The Military Production Ministry is seeking to form partnerships with South Korean companies operating in Egypt to develop local industries, Assar said.

He also invited South Korean companies to visit the military production factories to get acquainted with their great potentials.

For his part, the association chairman said that the MoU will help promote cooperation between the private and public sectors of the two countries, beef up joint investments and create new job openings.