Google+
Рейтинг@Mail.ru
Pravda.ru

News » Economics

Michelin Back To Algeria

20.08.2002 | Source:

Pravda.Ru

 

The French tyre manufacturer Michelin has said it has taken the first step towards resuming production in Algeria after a gap of nearly ten years. Michelin has set up a company, Michelin Algerie, to re-open a factory closed in 1993, a spokesman for the French tyre-maker said.

Michelin's spokesman said the firm was "waiting for a number of answers from the Algerian government" before production could resume.

Algeria has suffered from politicial violence and instability since 1992, when the government cancelled a general election which was widely expected to hand power to the opposition Islamic Front.

With the backing of international lenders, the North African country has since launched an privatisation programme to attract foreign investment but progress has been slow.

Analysts say the policy has been opposed by the trade unions and some members of the elite.

Algeria's economy is heavily dependent on exports of oil and gas for its healthy trade balance.

Michelin's factory will employ more than 500 people to make lorry tyres, mostly for export. About 40% of the factory's output will be sold in Algeria.

No details of the cost of the investment were given.

The factory has already won approval from the body which regulates foreign investment in Algeria, the National Investment Council, the local APS news agency reported.

Although shootings and bomb attacks remain frequent, Algeria's economy has been growing at a healthy 3% a year for the last five years. ©

&to=http://www.michelin.com/portail/index.jsp' target=_blank>MICHELIN

&to=http://www.neftegaz.ru' target=_blank>NEFTEGAZ

 
| More
1788

Popular photos

Most popular

Gorbachev: USA may risk to launch real war against Russia
Gorbachev: USA may risk to launch real war against Russia
The United States has already dragged Russia into a new "cold war" and may make further steps on the way to real war, ex-Soviet President Mikhail Gorbachev believes. "If we call a spade a spade...
Ukraine's war crimes exposed
Ukraine's war crimes exposed
Pilot Savchenko admits to having taken part in ATO as a volunteer of Aidar battalion, while still remaining officer of the Armed Forces of Ukraine. Amnesty International: "Members of Aidar territorial...
Система Orphus