South Korean public listed company Motrex Co., Ltd which was founded in 2001 with its core business in IoT, in-vehicle infotainment and connected technology development entered into Nepal market. The company acquired necessary approval to operate in its base in Nepal from the Nepal Investment Board, government division which facilitates foreign direct investment in Nepal.
In the world of the automated and self-driving vehicle, the in-vehicle information and entertainment remain vital. Products and service such as real-time audio-visual navigational data to the driver, the audio and visual content to passengers are becoming increasingly popular for safety and pleasure. The remote control room management of vehicle or fleet is becoming more and more popular because of safe and cheap options. In the meantime gathering, the driver’s behavioral data helps in suggesting driver to apply correction measure to attend better and safe driving behavior which lowers the overall operational cost including insurance premiums. For better safety, the use of technologies to gather overall status of vehicle or components to analyze in real-time for planned maintenance and to avoid the unnecessary maintenance are the choice priority for fleet owners.
The Motrex move to have one of its base in Nepal with its core technologies such as Human Machine Interface, Rare Seat Entertainment as well as In-Vehicle Infotainment in the era of IoT is timely to gain local and regional market share in connected technologies. Other family business unit of Motrex such as MOTRAIN , KinectIQ, BLACKBOX have an opportunity to have 4-wheeler assembly plant and supplying automated parts, engine, chassis, transmission units, parts to manufacturers in the region including automakers in India. The group also has an opportunity in providing vehicle-related complete engineering and testing services to customers from the region. From this investment, Nepal will benefit from Korean FDI to Nepal as well as an increasing number of graduates youths in the field of electronic, mechanic and computer science have a great job opportunity to work with global technology companies from Korea.
A total of US$ 100 million investment by Motrex is an encouragement to global investors to tap into Nepal’s changing investment climate and exploit the untapped resources. Nepal is considered to be one of the emerging markets in South Asia with it’s projected GDP growth of 6-7% per year. Nepal population size is 30 million and has access to 1.4 billion population in China and 1.32 billion population in India.
Ref: Public domain
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