By staff reporter Zhang Min
China FAW Group Corporation, a leading Chinese automaker, signed an agreement with the China-Africa Development Fund (CadFund) on March 19 to jointly invest in a motor vehicle production project in Africa. The investment will be the biggest in Africa for auto industry to date, coming in at 100 million U.S. dollars.
"FAW will establish a joint venture in Africa, in a move to expand and improve our overseas production bases, R&D bases, marketing networks as well as brand building," said Xu Jianyi, General Manger of China FAW Group Corporation.
At the signing ceremony, Mr. Xu said his company saw Africa as a huge potential market for motor vehicles, which already accounted for 33 percent of the company's annual vehicle exports.
The CadFund was established in 2007 with 5 billion U.S. dollars, in an effort to encourage Chinese companies to invest in Africa and provide support to them.
Founded in 1984, China FAW Corporation has built marketing networks in 17 African countries, and exported more than 25,000 vehicles to Africa.
Full article in Chinese: http://www.caijing.com.cn/2010-03-22/110400811.html