General Company for Cars intends to contract with Hyundai
Hyundai signs contract with the Iraqi General Company for Cars to build an Hyundai auto manufacturing factory within 3 years.
BAGHDAD / IraqiNews.com: Iraq‘s state-owned General Company for Cars has announced on Wednesday its intention to sign a contract with the South-Korean Hyundai Company to construct a complete manufacturing line within 3 years for the production of Korean Hyundai cars in Iraq. The Iraqi Company has already built up special car assembly and manufacturing lines, in its efforts to expand the stages of manufacturing until it becomes capable of manufacturing and producing an Iraqi car, confirming its completion of a study for the economic feasibility to build a complete plant for the manufacturing of an Iraqi car. The Company has also confirmed its success following the conclusion of contracts with several investors and International companies, specialized in the manufacturing of saloon cars, in order to improve the productive and financial achievement of the Company and supply the Iraqi market with new and developed car products at an affordable price. The Company’s Director-General, Engineer Adnan Ahmed Zein, said in a statement received by IraqiNews.com news agency that “due to the non-existence of the cash funds, our General Company for Car Industry, supported by the Ministry of Industry & Minerals, had concluded partnership contracts with several specialized International companies for the manufacture and production of trucks in all sizes, such as the German Mercedes, the French Renault and the Swedish Scania and Volvo, along with the Iranian and Chinese companies for the production of saloon cars; the Company is presently negotiating with the Proton, Kia and Hyundai Companies”.