Packaging Materials Company Fipco Signs Memorandum with Saudi Arabian Summit Trading Company
Packaging materials company Fipco has signed a non-binding memorandum with the Saudi Arabian Summit Trading Company to enhance cooperation in product development, quality assurance and sustainability solutions, and to share experiences in areas of joint cooperation in a way that contributes to the achievement of strategic goals of the two companies and is in line with the achievement of the Kingdom Vision 2030.
The two companies stated in two separate statements to Tadawul Saudi Arabia today, Wednesday, that this memorandum, signed on July 11, 2023, has a period of 3 Gregorian years from the date the memorandum was signed, and does not entail any financial or legal obligations of either party to the other. The resulting agreements are subsequently formulated into detailed agreements and contracts.
Expansion of Opportunities for Cooperation
The memorandum provided for the expansion of opportunities for cooperation, as well as mutual and joint investment in research projects, especially the aspects of benefiting from the recycling of plastic products by both parties and the development of new products with special characteristics that serve different purposes and are easily recycled.
Sharing Knowledge and Technical Experience
In addition to sharing sources of knowledge and technical experience, sharing planning and institutional improvement programs, improving departmental efficiency, and cooperating to promote joint training programs for employees of the two companies in accordance with the provisions of laws, regulations and opportunities available to both parties.
