Saudi Arabia’s NICDP inks MoU with Toyota
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Saudi’s NICDP inks MoU with Toyota in Tokyo (courtesy Saudi Press Agency).
Published: 15 March 2017 - 8:38 a.m.
By: Fatima De La Cerna
The National Industrial Cluster Development Program (NICDP) has signed a memorandum of understanding (MoU) with Toyota Motor Corporation, for a feasibility study of an industrial project that would produce vehicles and car parts in the country.
According to a
Saudi Press Agency report, the memorandum was signed in Tokyo by Dr Ibrahim Al-Assaf, Saudi Minister of State and Cabinet Member, on behalf of Eng Khalid Al-Falih, Saudi Minister of Energy, Industry, and Mineral Resources, and chairman of NICDP’s Board of Directors; and Takeshi Uchiyamada, chairman of the Board of Directors of Toyota. The signing was made on the sidelines of the visit being paid by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to Japan.
The signing of the agreement and the planned feasibility study are said to be part of NICDP’s plans for the development of a globally competitive automotive industry in country. It also confirms the intent of both parties to continue with the evaluation of the project as part of Saudi 2030 vision.
The study will evaluate the development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, and Petro Rabigh. It will also look into attracting talented Saudi workforce and putting in place adequate training programs.
Toyota reportedly remains the automotive leader in Saudi and other GCC car markets, with more than 500,000 units sold in the region in 2016.
http://www.arabianindustry.com/cons...i-arabias-nicdp-inks-mou-with-toyota-5660161/
Toyota Motor : Japan’s Toyota Considers Establishing First-ever Industrial Project in Saudi Arabia
03/15/2017 | 06:47pm EDT
Riyadh – Attesting to the undeniable investment attraction that is Saudi Arabia, Japan’s market giant motor corporation, Toyota, announced plans to launch its first ever production factory in the Kingdom.
Such an announcement confirms that grand-scale companies trust in Saudi economy and view it with optimistic potential.
Speaking at a Japan-held forum, Chairman of the Japanese Business Federation Sadayuki Sakakibara, explored economic and investment cooperation between the Kingdom and Japan.Sakakibara stressed the importance of the Kingdom’s economic role for Japan and the keenness of the Japanese business sector toward the achievement of the strategic economic and developmental objectives of the Saudi-Japanese Vision 2030 that aims to bolster bilateral cooperationEarlier, a memorandum of understanding was signed by the National Industrial Cluster Development Program (NICDP) and the Toyota Motor Corporation for the feasibility study of an industrial project to produce vehicles and parts in the Kingdom.
“The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the Kingdom,” the official Saudi state news agency reported.
It further aims to enhance the development and attraction of a Saudi workforce and put in place the adequate training programs.
Abdul Latif Jameel, as a local distributor for Toyota, will be also taking part in the joint feasibility study.Toyota remains the leader in Saudi and other Gulf Cooperation Council(GCC) car markets with more than 500,000 units sold in the GCC in 2016, according to SPA.
Moreover, on the third day of the fourth leg of a seven-nation Asian tour, the king attended the Saudi-Japanese Vision 2030 business forum aimed at strengthening bilateral ties.
King Salman was received at the forum by Minister of Economy and Planning Adel Fakeih and Japanese Minister of Economy, Trade and Industry Hiroshige Seko.(c) 2017 Saudi Research and Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers
http://www.4-traders.com/TOYOTA-MOT...ever-Industrial-Project-in-Saudi-Ar-24049579/
Saudi seeks to become major car manufacturer
March 15, 2017 at 8:15 pm | Published in:
GCC,
International Organisations,
Middle East,
News,
Saudi Arabia
Toyota logo [file photo]
March 15, 2017 at 8:15 pm
Saudi Arabia may become a leading car manufacturer if the kingdom’s new agency can demonstrate the feasibility of producing vehicles and parts for one of the world’s largest car companies.
Toyota Motor Corp signed a memorandum of understanding (MOU) with the Saudi Arabian government yesterday to look at the possibility of producing vehicles and parts in the country.
The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of its 2030 Vision.
Saudi King Salman is in Japan on an official visit which has already seen him visit Indonesia and will take him to China.
So far, Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as car manufacturing because they lack broad industrial bases and a skilled local workforce.
“The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the kingdom,” the official Saudi state news agency reported.
Meanwhile, state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum held yesterday, coinciding with a visit by Saudi Arabia’s King Salman this week.
Toyota remains the leader in the Saudi Arabian and GCC car markets with more than 500,000 units sold in GCC in 2016.
https://www.middleeastmonitor.com/20170315-saudi-seeks-to-become-major-car-manufacturer/
Hopefully this will actually happen. It would be a really good thing for KSA and also Toyota.
