DHAKA, March 18, 2024 (BSS) - A Memorandum of Understanding (MoU) has been signed between STX Corporation, an authorized company of the South Korean Kia Motors Corporation and Pragati Industries Limited, a state-run automobile assembler of Bangladesh, to assemble the Cerato sedan car in Bangladesh.

The MoU was signed today in Seoul, the capital of South Korea, said a press release here.

Industries Minister Nurul Majid Mahmud Humayun attended the MoU signing function as the chief guest while Chairman of the Bangladesh Steel and Engineering Corporation (BSEC) Md Moniruzzaman, Additional Secretary of Industries Ministry SM Alam and Bangladesh Ambassador to South Korea Delwar Hossain, among others, were present on the occasion.

Managing Director of Pragati Industries Limited Md Abul Kalam Azad and Chief Executive Officer (CEO) of the STX Corporation Park Sang Jun signed the MoU on behalf of their respective sides.