FAW Signs Agreement For Assembly Plant
News: Chinese state-owned carmaker FAW has signed an agreement with local private firm Arcofina to construct an assembly plant in Algeria. The assembly plant will produce 10,000 vehicles a year. The agreement offers an initial investment of DZD5bn (US$61.8mn) for the future plant, although the investment figure could also be increased, Arcofina CEO Abdelouahab Rahim said. In accordance with Algerian law, Arcofina will hold 51% of the plant and FAW will own 49% with the objective of decreasing the Chinese manufacturer's share to 40% after three years, Rahim added.