The agreement between Algeria and Renault "about to be signed" (minister)
The Algerian government and the French group Renault are "about to sign a" Memorandum of Understanding on the construction of an automobile assembly plant in Algeria, announced the Minister of Industry, Mohamed Benmeradi. on Wednesday.
Source : https://www.marocafrik.com/english/The-agreement-b...
We are already at the stage of signing a Memorandum of Understanding with Renault. That is to say that we are very close to the realization of the project," said Mohamed Benmeradi to APS, a few hours before the arrival of Jean Pierre Raffarin, special envoy of French President Nicolas Sarkozy in Algiers.
"Once the agreement is signed, we will proceed with the signing of a pact of shareholders give the green light to launch the project," said Benmeradi.
The Algerian minister was speaking before the arrival of Mr. Raffarin in Algiers for a new tour designed to advance the partnership between the two countries.
Both parties want to implement, in addition to Renault, structural projects such as Lafarge (cement) and Total (construction of an ethane cracker).
The last visit to Algiers in the former French Prime Minister was in May at a forum attended by some 600 business leaders and French Algerians.
Tuesday, a French delegation, accompanied by executives of the Algerian Ministry of Industry, visited the site to accommodate industrial investment projects in the industrial area in Jijel Bellara (north).
The Algerian Minister of Industry had indicated in October that the partnership with Renault would fall "under Algerian law, namely 51-49% of a partnership, in which Renault would have 49%".
The first Renault manufactured in Algeria - where the production of passenger vehicles is still non-existent - could be delivered 12 months after the conclusion of the agreement, according to Benmeradi, which estimated in October that this period is 18 months.
The minister said that the rate of integration of sub-contracting national partnership projects will be "very low" at the beginning, "but will increase over time."
Renault plans to produce 75,000 cars a year initially and eventually more than 150,000 units.
The minister also said that a project to manufacture vehicles in partnership with Germany's Volkswagen is "moving forward" and attracting interest from a Qatari investment fund.
The Qatari fund, already a shareholder stake in Volkswagen, "could take part in this project to build cars in Algeria," said Benmeradi.
"Once the agreement is signed, we will proceed with the signing of a pact of shareholders give the green light to launch the project," said Benmeradi.
The Algerian minister was speaking before the arrival of Mr. Raffarin in Algiers for a new tour designed to advance the partnership between the two countries.
Both parties want to implement, in addition to Renault, structural projects such as Lafarge (cement) and Total (construction of an ethane cracker).
The last visit to Algiers in the former French Prime Minister was in May at a forum attended by some 600 business leaders and French Algerians.
Tuesday, a French delegation, accompanied by executives of the Algerian Ministry of Industry, visited the site to accommodate industrial investment projects in the industrial area in Jijel Bellara (north).
The Algerian Minister of Industry had indicated in October that the partnership with Renault would fall "under Algerian law, namely 51-49% of a partnership, in which Renault would have 49%".
The first Renault manufactured in Algeria - where the production of passenger vehicles is still non-existent - could be delivered 12 months after the conclusion of the agreement, according to Benmeradi, which estimated in October that this period is 18 months.
The minister said that the rate of integration of sub-contracting national partnership projects will be "very low" at the beginning, "but will increase over time."
Renault plans to produce 75,000 cars a year initially and eventually more than 150,000 units.
The minister also said that a project to manufacture vehicles in partnership with Germany's Volkswagen is "moving forward" and attracting interest from a Qatari investment fund.
The Qatari fund, already a shareholder stake in Volkswagen, "could take part in this project to build cars in Algeria," said Benmeradi.
Source : https://www.marocafrik.com/english/The-agreement-b...