South Korean car manufacturer Hyundai has penned a $38.5m deal to build a plant that will manufacture and assemble ‘various types of Hyundai car’ within the next three years.
Details of the deal are reasonably sketchy, but head of Iraq’s state-owned General Company for Cars, Adnan Ahmed told local media, “The contract includes the production of two thousand sedans per year can be increased stipulated that the production must be by the Iraqi General Company for automotive industry.”
As of 2011, the Hyundai Kia Automotive Group is the eighth largest, and fastest growing car manufacturer in the world. It has plants all over the planet, including operations in Turkey (Hyundai Assan Otomotiv) and Egypt (the Ghabbour Group).
The manufacturing giant is no stranger to the nation. Last November, Hyundai Engineering announced that it had secured $396m in contracts to build two new power plants with a total combined capacity of 1752 megawatts in the country.
The deal included five units of 292MW each in Rumaila, with a total value of $308 million, and a separate deal worth $88.5 million for a single 292MW gas unit at Taza in Kirkuk province.
BAGHDAD / Aswat al-Iraq: Iraqi Automobile Industry Company signed a contract with South Korean Hyundai Company to manufacture and assemble different types of Hyundai cars with a cost of 44 billion Iraqi dinars.
The contract contains producing 2000 saloon cars per annum in Iraqi company's factories.
A manufacturing line shall be made within three years time.
On the other hand, the Iraqi company completed an economic feasibility study to establish a factory that will produce an Iraqi-made car, with the financing of Finance Ministry, if the law permits.