Today, a partnership agreement was signed between Algerian operator Fondal and Chinese manufacturer Jetour, the agreement will see $105.6 million invested over five years to produce 270,000 vehicles and create approximately 1,000 direct jobs.
The CEO of the SNS Group (formerly Imetal), the parent group of Fondal’s Algerian foundry subsidiary, which signed a partnership agreement with Chinese operator Jetour, revealed the establishment of the company “Masar Algeria S.P.A.”, a partnership between the Algerian company, Fondal, and the Chinese operator.
Jetour’s representative in Algeria, Revolva, a subsidiary of the Benhamadi Group, is expected to be present alongside the Algerian company.
The Jetour Algerian factory will be located in the former Kia plant, a good step to utilize the existing factory to a large extent and accelerate the launch of the Chinese brand’s vehicles in Algeria.
According to a statement from the Algerian Ministry of Industry, representatives of the Chinese company and their Algerian partners, on the one hand, and the Algerian Ministry of Industry, on the other, signed a memorandum of understanding in the presence of Mr. Shandong Qi, Vice President of Jetour Automobiles.
This is a strategic step aimed at establishing an advanced national vehicle industry based on a significant local integration rate, reducing dependence on foreign companies, and supporting the spare parts industry by providing a favorable environment for component manufacturers to enter the national and international production chain.
According to the ministry’s statement, Minister Saifi Ghrib reiterated the Ministry of Industry’s commitment to supporting all initiatives aimed at developing this sector and working with partners to achieve an integrated industrial vision that contributes to creating new job opportunities and strengthening Algeria’s position in the vehicle manufacturing market, both locally and internationally.
