samil and misa: Samvardhana Motherson and Saudi Arabia sign MoU for industrial development

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The Samvardhana Motherson International Limited (SAMIL) on Thursday signed a Memorandum of Understanding (MoU) with the Ministry of Investment, Kingdom of Saudi Arabia (MISA), stated a press release.

The partnership aims to identify investment development opportunities for industrial and service activities in the Kingdom of Saudi Arabia (KSA).

According to the press release, the MoU will encourage joint cooperation by SAMIL and MISA in the development of the automotive parts industry in Kingdom of Saudi Arabia (KSA).

The Ministry of Investment, Kingdom of Saudi Arabia (MISA) is responsible for the investment affairs in the 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.

While talking about the deal, 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 the Kingdom of Saudi Arabia. We shall continue exploring collaboration opportunities with Motherson in different sectors.”

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