A joint venture with Renault
Algiers – Hocine Bousaleh
Algerian Minister of Industry Mohammed bin Moradi, stated his intention for a joint venture with Renault to prepare for the opening of a car factory in Algeria mid-September. He made the announcement at the opening of the autumn session .of National People's Assembly on Monday
Bin Moradi told reporters, “the committee in charge of the matter will meet on Monday to complete the agreement, and ."to establish a joint venture mid-September
The minister added that the Algerian capital "will be distributed between the National Company for industrial vehicles and the National Fund for Investment. The Algerian partners will receive 51 percent and Renault will receive 49 percent." Manufacturing is expected during the fourteen months that follows the establishment of the joint venture and not during the eighteen months that follows, as was initially expected. "
The agreement said the factory "will produce 75,000 cars per year, before gradually reaching 150,000 cars. Some of them will be exported." The Agreement to establish the factory was signed on May 25, after fifteen months of negotiations.