Fiat Group’s Iveco truck unit plans to invest US$60m in Angola in the next three years, in a bid to become the African nation’s top truck importer, an executive was quoted as saying on Monday.
The head of Iveco’s Angolan unit, Filipe Mendes de Almeida, told Reuters the company aimed to import 1,500 heavy duty vehicles in the next three years to help rebuild the nation after a 27-year civil war that ended in 2002.
“As the Angolan economy recovers we expect infrastructure projects to take off and demand for trucks to increase,” de Almeida told the news agency. “Our goal is to be the top importer of trucks to Angola by the end 2013.”
Volvo is currently the market leader and also competes against cheaper Chinese trucks.
Angola’s oil-dependent economy is recovering from a sharp drop in crude prices last year and is expected to expand by 8.6%this year, up from 1.3%in 2009, according to government figures.
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