Hyundai Motor, Saudi Arabia agree to advance car manufacturing in Kingdom

▲ This photo, downloaded from Saudi Arabia's industry ministry's Twitter post on Dec. 31, 2022, shows officials of South Korea's Hyundai Motor Group and the Saudi government signing a memorandum of understanding on jointly nurturing the automotive industry in the Middle Eastern country. (PHOTO NOT FOR SALE) (Yonhap)

Hyundai Motor-Saudi Arabia

Hyundai Motor, Saudi Arabia agree to advance car manufacturing in Kingdom

SEOUL, Dec. 31 (Yonhap) -- South Korean auto giant Hyundai Motor Group and Saudi Arabia have agreed to nurture the automotive industry in the Middle Eastern country, the Saudi industry ministry said Saturday.

The two sides signed a memorandum of understanding (MOU) "to advance automotive production in the Kingdom," the ministry tweeted.

In November, Hyundai Motor Group's Chairman Euisun Chung, Samsung Electronics Executive Chairman Lee Jae-yong, and other South Korean business leaders met Saudi Crown Prince Mohammed bin Salman in Seoul and discussed business cooperation.

President Yoon Suk Yeol and the Saudi Prince vowed to enhance bilateral cooperation in a wide range of major industry fields, including infrastructure and energy, during their November meeting.

(END)

(C) Yonhap News Agency. All Rights Reserved