France to build cars plant in Algeria
الشروق أونلاين
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French President François Hollande promised to facilitate Algeria’s adherence to the World Trade Organization (WTO), saying his country will do its best to this end.
In an Algerian-French business forum in Algiers, Holland said his agreed with President Bouteflika on establishing a strategic relation based on equality.
He added that a document was signed to follow up and facilitate mutual investments.
Hollande also said he was proud of the deal which was concluded to build French car maker Renault’s assembly plant in Algeria.
The plant is expected to produce 75,000 units per year. The half of them would be intended to countries out of the European Union.
The plan will be operational in the second semester of 2014. Renault’s contribution rate will be 49 percent while the Algerian side will contribute by 51 percent. The project will cost 1 billion Euros.
A joint Algerian French commission chaired by Algerian and French prime ministers was formed to follow up investments. Regular meetings will be held annually following a friendship and cooperation announcement signed by both presidents.
French laboratory Sanovi-Aventis will set up a 70-million-Euro plant in Algiers with 100-million-unit production capacity per year. The project will be established in collaboration with public pharmaceutical group Saidal.
Algerian Prime Minister Abdelmalek Sellal said the government works on improving business climate by eliminating obstacles against investments.
He added that Algeria’s upcoming adherence to the WTO requires its economic and commercial legislation conformity to international standards.
