Chinese firm to set up Saudi car assembly plant

Updated 20 July 2014
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Chinese firm to set up Saudi car assembly plant

A well-known Chinese car maker is studying the possibility of establishing a car assembly plant in the Kingdom through a Saudi-Chinese partnership, local media said quoting an expert.
The car plant is intended to supply the local market with Chinese cars, spare parts and create new job opportunities for young Saudis, General Manager of BYD Chinese Cars in Saudi markets Ibrahim Qahtan was quoted by Al-Eqtisadiah daily.
He stated that the BYD automaker has planned to set up a car assembly plant in partnership with the sole BYD car agent in the Kingdom. He gave no details on the subject as studies have not yet been completed.
The Regional Director of BYD brand in the Middle East said the company currently retains four car assembly plants in the region (Iraq, Egypt, Sudan, and Ethiopia), which will form the basis for their company to develop and expand in the region.
The above remarks come on the sidelines of the opening of the first BYD car show, recently launched by Chinese Consul General in Jeddah Anwar Habibullah.
Qahtan said the BYD car company had expanded the production of electric cars, which are currently available in the Chinese and European markets.
However, the absence of appropriate infrastructure for electric cars delayed the entry of cars in the Kingdom but as soon as the infrastructure is available, the cars will be imported immediately, he said.
On the future of the Chinese cars in the Saudi market, he said the Chinese cars will not only enter the Saudi market but spread into all world countries for a number of reasons, notably advanced technology and competitive prices where their prices in the Saudi markets will range from SR30,000 and SR75,000 for the best performance cars of this type.


Vietnam and India agree to boost trade, defense cooperation

Updated 20 November 2018
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Vietnam and India agree to boost trade, defense cooperation

  • Currently, India has 182 investment projects worth $816 million in Vietnam
  • Vietnamese businesses have a mere seven projects worth some $6 million in India

HANOI, Vietnam: Vietnam and India have agreed to boost their trade while expanding their cooperation in defense and security, among other areas.
Speaking to reporters at a joint press briefing in Vietnam’s capital, Hanoi, Indian President Ram Nath Kovind said Tuesday that he believes the bilateral trade volume will reach $15 billion by 2020, up from $12.8 billion last year.
“We agreed to encourage our industry to tap into the growing economic opportunities in our own countries and in the region,” Kovind said. “India-Vietnam economic relations are on an upswing.”
“We committed to further deepen our defense and security cooperation. I reiterated India’s commitment to provide training support for Vietnam’s armed forces,” he added.
Kovind said he and Vietnamese President Nguyen Phu Trong also reviewed the implementation of an Indian credit line of $100 million to build high-speed patrol vessels for Vietnam’s coast guard.
Trong, who is also head of the Communist Party, said the two countries will find ways to boost their modest investment.
Currently, India has 182 investment projects worth $816 million in Vietnam, while Vietnamese businesses have a mere seven projects worth some $6 million in India.
Kovind is on a three-day visit to Vietnam, where he is scheduled to meet with Prime Minister Nguyen Xuan Phuc later Tuesday before departing.