Buenos: German automaker Volkswagen announced a plan to invest $650 million in an Argentina plant where it will manufacture a new sport-utility vehicle, according to a statement released by the government. Business-friendly President Mauricio Macri, who ushered Argentina out of recession in 2016, has encouraged foreign investment especially after his centre-right coalition’s wins in last month’s midterm elections. Production of the SUV is anticipated to begin in 2020. In a televised statement Macri noted that one year ago the government, companies and unions agreed to produce on million cars per year. — AFP
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