India – 25th August 2022: Samvardhana Motherson International Limited (SAMIL) [Formerly Motherson Sumi Systems Ltd.] and 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 (KSA). Both partners will also explore the 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.
Commenting on this partnership, Mr. 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.”
Commenting on this partnership, Mr 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 (KSA). Together with 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.”
Ministry of Investment, Kingdom of Saudi Arabia
“The Ministry of Investment of Saudi Arabia (MISA), formed in February 2020, has been working closely with investors and all key stakeholders with the objective of substantially enhancing the investment ecosystem in Saudi Arabia to drive economic growth in line with Vision 2030, with a focus on productive and competitive sectors, and a stronger role for the private sector.”