(CTN News) – A Memorandum of Understanding has been signed between Hyundai Motor Company and Saudi Arabia’s Ministry of Industry and Mineral Resources in order to enhance their co-operation in the manufacturing of vehicles in the region.
According to SPA, the MoU stipulates plans to build a Saudi assembly plant with the CKD system to produce electric cars and internal combustion engines.
Hyundai has expressed strong interest and plans to explore joint investment opportunities with the kingdom to establish businesses and projects that guarantee the safety and sustainability of the environment.
This is in line with Saudi Arabia’s national Hyundai strategic goals of developing local manufacturing capabilities. It is also in line with Vision 2030 for Saudi Arabia.
In order to achieve its national strategic goals, the kingdom is seeking to diversify its economic base.
In addition to Bandar Al Khorayef, Minister of Industry and Mineral Resources Faisal Al Ibrahim, Deputy Minister of Industry and Mineral Resources Engineer Osamah Al Zamel, Minister of Economy and Planning Faisal Al Ibrahim, and Vice President of Industry and Mineral Hyundai Resources Mohammed Al Mojel, Hyundai Motor Executive Vice President and Head of Global Operations division Seon Seob Kim, attended the signing of the agreement.
A report by the Saudi National Industry Strategy indicates that the kingdom intends to localize the vehicle sector and increase investment opportunities in this sector over the next decade, with light car sales expected to increase by 2.2% in the kingdom over the course of the decade.
It has been reported that the kingdom is interested in developing this sector. This will result in attracting and developing a pool of skilled workers focused on the development of products with high added value, the statement said.
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