BMW to invest £500 million to build new models in BritainJune 9, 2011 - 14:47 AMT PanARMENIAN.Net - German car maker BMW said on Thursday, June 9, it plans to build a new models of its Mini brand in Britain, in a further boost to the country's auto manufacturing industry. BMW will invest £500 million (562 million euros, $822 million) in the project and safeguard 5,000 jobs. The announcement comes one day after Japanese car giant Nissan said it planned to build the next Qashqai crossover car model in Britain. "The BMW Group has announced today an additional £500 million investment in its UK production network over the next three years and confirmed that the UK will be a production location for its next generation Mini models," the German giant said in a statement. The announcement was made by BMW Group chairman Norbert Reithofer in a meeting with British Prime Minister David Cameron in London on Thursday. Cameron was meanwhile preparing to meet the board of directors of the European Automobile Manufacturers' Association (ACEA) in the British capital later in the day. Cameron said the investments by BMW and Nissan were significant boosts to the country's manufacturing industry, while also helping to rebalance an economy heavily dependent on service industries such as banking, AFP reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |