Indian automotive Tier-1 giant Motherson Group under Samvardhana Motherson International (SAMIL) and the Ministry of Investment, Kingdom of Saudi Arabia (MISA), have signed a Memorandum of Understanding (MoU), which aims to identify investment development opportunities for industrial and service activities in the Kingdom of Saudi Arabia (KSA).
The MoU encourages joint cooperation by SAMIL and MISA in the development of automotive parts industry in the Kingdom of Saudi Arabia. Both partners will also explore investment opportunities in other industrial sectors as well. Ministry of Investment, Kingdom of Saudi Arabia (MISA) is responsible for the investment affairs in Kingdom of Saudi Arabia. Under the scope of this MoU, MISA will provide necessary support to Motherson to identify potential areas of investments in the KSA.
According to Fahad Alnaeem, Deputy Minister for Investment Development, MISA, “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.”
Commenting on this partnership, Vivek Chaand Sehgal, Chairman, Motherson, said, “Motherson believes in creating its own path. We feel honoured and delighted to be partnering with Kingdom of Saudi Arabia. Together with the Ministry of Investment, Kingdom of Saudi Arabia (MISA), we are looking forward to creating the industrial ecosystem for automotive and other industries in the KSA. We thank MISA for their encouragement and support to industries in the region and their trust in the abilities of Motherson.”