Algeria, France sign 3 economic partnership contracts

Source: Xinhua| 2017-11-13 02:08:21|Editor: Mu Xuequan
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ALGIERS, Nov. 12 (Xinhua) -- Algeria and France on Sunday inked three partnership agreements, including the establishment of an assembly unit for the French automaker PSA-Peugeot in the western province of Oran.

These economic cooperation contracts, which concern the sectors of automotive, agri-food and energy, were signed at the end of the fourth Joint Economic Committee in Algiers, in the presence of foreign ministers of both countries.

Algerian Industry Minister of Industry and Mines Youcef Yousfi, and French Minister for the Economy and Finance Bruno Le Maire also attended the ceremony.

The first agreement includes a joint venture company to establish a unit to assemble Peugeot cars in Algeria. The shareholders of this project are PSA-Peugeot which holds 49 percent of the stake, and three other Algerian partners holding 51 percent stake, namely Condor Electronics, Palpa Pro and PMO Constantine Group.

A memorandum of understanding was also signed between Algeria's Agrolog and French Agromed for the establishment of a joint venture to export Algeria's fruits and vegetables, in addition to a partnership agreement in the field of organic agricultural products.

The two sides also signed a shareholders' pact between the Algerian state-run group of Elec El Djazair and the French Schneider Group in the field of manufacturing low, medium and high voltage electrical equipment.

The committee was established to help promote the bilateral economic and trade relations between Algeria and France.

Since it was created 5 years ago, some 45 protocols, memoranda and partnership agreements have been signed.

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