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A joint agreement was signed in Changchun on Mar 19 by FAW Group Import and Export Corporation (FAWIE) and China-Africa Development Fund (CADFund). Mr. Li Weidou, General Manager of FAWIE and Mr. Chi Jianxin, Chairman of the Board of CADFund signed their names on behalf of the both sides on the agreement, which involves the terms of investment of the vehicle production, construction of localized vehicle production base in Africa, and improvement of FAW"s sales and sevice networks etc.. Mr. Xu Jianyi, President of FAW, attended and made a speech at the agreement signing ceremony.
The agreement covers a total investment of 100 million U.S. dollars, which includes 55 million dollars being invested by FAW Group and 45 million dollars by China-Africa Development Fund. This project is the most investment in terms of automobiles that China has never made before in Africa.
"China is now African second-biggest trading partner, and Africa is a huge potential automobile market for FAW. Implement of this project would be much helpful for the FAW opening up and expediting its overseas production and RD bases, and improving its sales and service networks," said Mr. Xu Jianyi at the ceremony. "The new image of China auto will be set up over the world because of the project much quicker pushing China auto entering into African market."
FAW Import and Export Corporation (FAWIE), a wholly owned subsidiary of FAW Group, was established in 1984. FAWIE is the international sales and marketing division of FAW Group.
FAW Group is a leading global manufacturer of quality passenger cars, trucks, and buses. Established in 1953, the company is China"s oldest and largest automotive group. Annual sales exceed one million units.
China-Africa Development Fund was established in 2007 in Beijing. It is one of the Eight Measures announced by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation on Nov 4, 2006. The fund aims to expedite economic growth in Africa, further promote economic cooperation between China and Africa, and support the development of Chinese enterpries in Africa.