South Korea’s Hyundai and Ford Motor Corporation of the USA are increasingly relying on Turkey as a manufacturing and research & development (R&D) base as announcements from the two key companies of the global automotive industry reveal. Hyundai’s manufacturing operations in Turkey will be supplemented by an engine production plant and an R&D center, according to Hyundai Turkey’s Director General, Umit Karaaslan.
Emboldened by the free trade agreement signed between Turkey and South Korea last June and generous investment incentive scheme in place in Turkey, Hyundai is taking steps to expand its investments in Turkey, Karaaslan said. “Preliminary studies on setting up an R&D center and engine production in Turkey are underway. Hyundai is ramping up investments in its Izmit plant to increase its annual production to 200,000 vehicles and add a new class of supermini model to replace the i10 in 2013..”, he said, adding that the combined worth of the investments in Turkey to be made by Hyundai and four of South Korea’s leading spare-part suppliers will reach USD 1.1 billion.
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