The ‘Iraqi Automobile Industry Company’ [State Company for Automotive Industry] has reportedly signed a contract with the South Korean company Hyundai to manufacture and assemble Hyundai cars.
The contract, worth with 44 billion Iraqi dinars [$36 million], involves the production of 2000 saloon cars annually.
The manufacturing line is to be completed within three years.
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 Iraqi company has completed an economic feasibility study to build a factory that will produce an Iraqi-made car.
(Source: Aswat al-Iraq, Construction Week Online)