Samvardhana Motherson International Limited (SAMIL) (Formerly Motherson Sumi Systems) has announced that it has signed an MoU with the Ministry of Investment, Kingdom of Saudi Arabia (MISA), intending to identify investment development opportunities for industrial and service activities in the Kingdom of Saudi Arabia (KSA).
According to a press release from SAMIL, the MoU encourages cooperation by SAMIL and MISA in developing the automotive parts industry in KSA. In addition, both partners will also explore investment opportunities in other industrial sectors.
The release added that the Ministry of Investment, KSA, will provide the necessary support to Motherson to identify potential areas of investment in the KSA.
Fahad Alnaeem, Deputy Minister for Investment Development, MISA, said, “This MoU attributes to complement the efforts made in the development of the auto industry in Kingdom of Saudi Arabia. We shall continue exploring collaboration opportunities with Motherson in different sectors.”
Vivek Chaand Sehgal, Chairman, Motherson, said, “Together with the Ministry of Investment, Kingdom of Saudi Arabia we are looking forward to creating the industrial ecosystem for automotive and other industries in the KSA.”