PSA moves forward in Algeria
The PSA Group has announced that it has signed an agreement in Algiers with the Algerian project partners1 to create an Oran-based manufacturing company to build cars for the Algerian market.
This agreement has been signed, says the company, as part of the France-Algeria joint economic committee (COMEFA), in the presence of Youcef Yousfi, Algerian Minister of Industry and Mining, and Bruno Le Maire, French Minister of the Economy, Finance and Industry.
Under the terms of the agreement, Groupe PSA will hold 49% of the new joint venture’s share capital, representing a total investment of some €100 million. As part of the project, Groupe PSA will support the development of Algeria’s automotive industry with a comprehensive upskilling and training programme for employees as well as help expand the local supplier base.
The plant will manufacture models that will enable Groupe PSA brands to serve demand from Algerian customers.
Commenting on the new agreement, Jean-Christophe Quémard (photo) said: “Algeria is one of Groupe PSA’s historical markets and we are particularly proud to set up a manufacturing base there. The country is at the centre of the Middle East and Africa region, which is a key driver of profitable international growth as part of our Push to Pass plan”.