Hyundai Unveils $5m Assembly Plant In Mozambique

Posted on : Monday , 24th November 2014

Hyundai, a South Korean automotive manufacturer, has unveiled a $5.45 million Hyundai car assembly plant in Mozambique’s capital city, Maputo.

“The plant has an installed capacity to assemble 4,500 cars per year and in an initial phase will assemble five vehicles per day, which will increase to 1,200 units in 2015 and 2,500 in 2016,” said the Somyoung Motors in a statement.

Mozambique’s economic growth has been bolstered by an increase in Foreign Direct Investments (FDI) into the burgeoning energy and natural resources sectors, among others. Led by investments in its extractive industries, the country’s GDP has witnessed a 7 percent year-on-year growth since 2011.

The country’s achievement of Extractive Industry Transparency Initiative (EITI) compliance status is an important milestone in the country’s economic management of natural resources.