The Korean manufacturer says the agreement covers NEFC's dealer network in Ethiopia, Djibouti, Somalia, Somaliland and South Sudan.
Through the agreement, HCE intends to supply excavators, wheeled loaders, backhoe loaders, motor graders and forklifts. The company says it will focus on meeting local customer needs and provide diverse solutions and educational sessions to teams in charge of sales, services and parts.
HCE says it has already established solid footholds in Sudan and Algeria and through the new agreement expects to make more aggressive forays in other countries in East Africa, which is a prosperous market for construction projects such as dams, highways, commercial/residential buildings, harbours, railroads and mines.
NEFC is owned by Mohammed Hussein Al Amoudi, reported to be one of the richest businessmen in the world. As such, Hyundai says that NEFC is considered the most influential construction equipment dealer in East Africa. It has been involved in the construction equipment, vehicles, and agricultural machinery businesses for 156 years and has established a total solution infrastructure handling parts and after-sales service.
"We expect to increase our market share in East Africa considerably by teaming up with NEFC, which is exerting a great influence there, " said Hyundai CE's chief sales officer Moon Jae-young. "We hope that teaming up with an influential business there, along with the expansion of customized service, will incessantly develop the East Africa market."
The two businesses agreed to sign what they say is an unprecedented online agreement to overcome the difficult situation caused by COVID-19. Hyundai CE's chief sales officer Moon Jae-young signed the agreement in Korea, and Hussain Al-Amoudi signed it in Ethiopia. Each then showed the document that they had signed to the other, and the image of Hussain Al-Amoudi was included in the background of the photo taken of Moon using a special technology.
Hussain Al-Amoudi of NEFC expressed gratitude to HCE for coming up with the idea of signing the agreement online. "HCE is a reliable business, and I trust that our partnership will contribute to the modernisation of East Africa and expansion of NEFC's business," he added.
