Date:04/05/2004 URL: http://www.thehindubusinessline.com/2004/05/04/stories/2004050402050400.htm

Back Abu Dhabi signs MoU with Volkswagen

Vimala Vasan

Abu Dhabi , May 3

THE Abu Dhabi Government has signed a memorandum of understanding with Germany's premier carmaker Volkswagen for industrial cooperation, according to the official Emirates News Agency, WAM.

The MoU was signed in Berlin by Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Economy Department, and the Volkswagen AG Chairman, Mr Bernd Pischetsrieder, during an official visit by a high level UAE delegation to Germany led by the UAE Deputy Prime Minister and Minister of State for Foreign Affairs, Sheikh Hamdan bin Zayed Al Nahyan.

The agreement is expected to bring about major joint ventures and cooperation between the two sides. The MoU, according to the news agency, indicated that experts from both sides will conduct a feasibility study to set up facilities to produce polymers and rubber, auto spare parts, assembling of trucks and other related products in Abu Dhabi, given its rich natural and energy resources, modern infrastructure, flexible legislations and favourable investment environment.

The ties between the Government of Abu Dhabi and VW were based on mutual confidence and strategic cooperation in all investment and industrial domains, Sheikh Hamed said.