Renault invests 1 billion Euros to produce 150,000 cars annually

Former French prime minister and President Sarkozy’s advisor Jean-Pierre Raffarin said France is ready to contribute in Algeria’s development and policy success.

• A total of 10 main partnership issues were completed by follow up committees from both countries, Jean-Pierre Raffarin added.
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• He also said conflicts about the accreditation of a French commerce and industry chamber in Algeria were settled. Agreements were reached in insurance, food industry, transport and medicines sector.
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• A French group, the national fund of investment and Algeria’s Exterior Bank Tuesday signed an agreement to create two insurance companies under the Algerian law.
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• Raffarin added that two issues left to be settled. They are the Reneult project about the creation of a cars factory in Algeria and the Total-Sonatrach project to establish a factory in the province of Oran (west of Algiers).
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• The French car making factory would produce 150,000 vehicles per year with 1 billion Euros investment.