ECONOMY

FIAT car factory in Algeria: STELLANTIS Group signs new specifications

ALGIERS- STELLANTIS Group signed Tuesday, in Algiers, the new specifications as well as an agreement with the Algerian Investment Promotion Agency (AAPI), in implementation of the framework agreement signed in October on the launch of an automotive manufacturing project in Algeria of the Italian car manufacturer FIAT, subsidiary of the group.

The agreement was jointly signed by AAPI's Director General Omar Rekkach and representative of STELLANTIS Group Boutahra Hakim, in the presence of Minister of Industry Ahmed Zaghdar and executive director of the group's African and Middle Eastern operations Samir Chorfan.

"This agreement follows the promulgation of executive decree N 22-384 of 17 November 2022, setting the conditions and procedure for exercising the car construction activity," according to a joint statement of the Industry Ministry and STELLANTIS Group.

It is important to underline that the Industry Ministry and the Italian car manufacturer FIA, subsidiary of STELLANTIS Group, signed on 13 October a framework agreement on the development of the automotive industry and the manufacturing of vehicles of the Italian make.

"Signed this Tuesday at AAPI's headquarters, the agreement is a major milestone in this project which reflects the privileged bilateral relations as well as the will of the Presidents of the two countries Abdelmadjid Tebboune and Sergio Matarella," said the source.

In this respect, Zaghdar pointed out STELLANTIS Group's commitment to the FIAT project, which represents an opportunity for the development and diversification of the car industry in Algeria.

"We want to offer the Algerian consumers modern cars with reasonable prices," said Chorfan.