As reported by Xinhua.com on 10 Nov, FAW Africa Investment Company which belongs to China FAW Group signed cooperation memo with Algeria Arcofina Group on 9 Nov that they would found joint venture to build a car assembly plant in Algeria.

According to the memo, annual yield of the assembly plant will reach 10 thousand in the first year after it finished. The ultimate yield will reach 30 thousand. Joint venture will invest to build sales network around Algeria, and plan to export cars to other countries of Africa and European market.

Algeria is the second largest auto import country in Africa. In 2012, Algeria imported 568 thousand cars, and auto import capital mounts to 7 billion Yuan. At present, there is only French Renault which signed agreement with Algeria to build car assembly plant. It is expected 25 thousand yield in 2014.

Source:Xinhua.com