Hyundai Motor has denied it is planning to build a vehicle assembly in Saudi Arabia after a member of the arab kingdom's cabinet told reporters that advanced talks had taken place between the two parties.
A Hyundai Motor official, responding to remarks by Mohammad Al-Tuwaijri, the Saudi Arabian minister of economy and planning, insisted the company had "no plans to make an investment in Saudi Arabia" and that it was not holding advanced talks on that subject with the Saudi government.
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The Saudi minister had previously told reporters there had been "advanced" talks with South Korean firms, including Hyundai Motor, on plans to invest in the country, adding "our duty in Saudi Arabia is to make sure we provide the right ecosystem, including infrastructure, regulations, land and energy" to support the presence of any South Korean automobile company in the country.
In an interview with South Korean news agency Yonyap, Al-Tuwaijri said Hyundai already had "great partners in Saudi Arabia and knows the market well".
He suggested regional demand for automobiles could grow from the current 300,000 to 2m vehicles a year.
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