Wednesday, February 13, 2019
Cairo – (agencies):
Nissan Motor Co., the second largest automaker in Japan, said Wednesday that it has signed a joint venture agreement with an Algerian private sector partner to set up an assembly plant of $ 160 million (£ 808 million).
"The plant, located near the western city of Oran, is expected to begin production in the first half of 2020," Biman Carger, First Vice President and Chief Operating Officer for Africa, the Middle East and India, told Nissan during the signing ceremony in Algiers. , With 63,500 cars per year.
Hasnawi Group, Nissan partner, will have a majority stake in the project, which is expected to create 1,800 jobs.
Algeria has banned car imports as part of an effort to reduce spending, given the decline in oil and gas revenues, the main source of income for the country.
Sufian Hasnawi, owner of Hasnawi Group, said his company wanted to contribute to the diversification of the Algerian economy.
Copy of the signature conference in Algeria