New Delhi, Aug 25 (PTI) Auto component major Samvardhana Motherson International Ltd on Thursday said it has inked a pact with the Ministry of Investment, Kingdom of Saudi Arabia, to identify investment opportunities in the Middle East nation.

The agreement encourages joint cooperation by Samvardhana Motherson International Ltd (SAMIL) and the Ministry of Investment, Kingdom of Saudi Arabia (MISA), in the development of the automotive parts industry in the Kingdom of Saudi Arabia (KSA), the company said in a statement.

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Both partners will also explore the investment opportunities in other industrial sectors as well, it added.

MISA is responsible for the investment affairs in the Kingdom of Saudi Arabia (KSA).

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Under the scope of this agreement, MISA will provide necessary support to Motherson to identify potential areas of investments in the Kingdom of Saudi Arabia.

"Together with MISA, we are looking forward to creating the industrial ecosystem for automotive and other industries in the KSA," Motherson Chairman Vivek Chaand Sehgal noted.

MISA Deputy Minister for Investment Development Fahad Alnaeem said the agreement attributes to complement the efforts made in the development of the auto industry in the Kingdom of Saudi Arabia.

"We shall continue exploring collaboration opportunities with Motherson in different sectors," he added.

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