KSA, Japan companies seek JV on auto parts manufacturing hub
Date
8/12/2018 2:37:48 AM
(MENAFN) Saudi Arabian and Japanese firms were unveiled to be negotiating the establishment of a joint venture for creating a manufacturing hub for automotive parts.
Saudi Arabia's Abdul Latif Jameel and Japan's Kosei Aluminium (Kosei) penned a memorandum of understanding with the National Industrial Clusters Development Program (NICDP).
The MoU was affirmed to be a drive for more foreign investments to be allocated into the auto manufacturing sector of Saudi Arabia.
The purpose behind the agreement is to study the first major Saudi automotive components manufacturing venture aimed at producing exports for international markets.
"It is our pleasure to sign this MoU with NICDP and Abdul Latif Jameel, to discover the enormous potential and various opportunities in Saudi Arabia as well as the MENA region," commented Shunkichi Kamiya, Kosei CEO and president.
"With all the materialistic advantages possessed by Saudi Arabia and technological contribution coming from Japan, we hope to succeed in our ventures in upbringing of the kingdom's community to a large extent," Kamiya added.
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