U.S. automaker Ford on Tuesday announced it will invest 580 million U.S. dollars in Argentina to manufacture the next generation of its Ranger model truck at its plant in the city of General Pacheco, in northern Greater Buenos Aires.

The head of Ford's Argentine division, Martin Galdeano, made the announcement during a meeting with Argentina's President Alberto Fernandez, who thanked the company for "thinking of Argentina and for its trust," according to a statement from the presidency.

"If industries grow, our country grows," said Fernandez, adding his administration wants "automotive companies to once again be the flagship of national industry, with greater incorporation of national inputs and in alliance with the workers, to generate more jobs."

Ford's project includes the local development of auto parts, for which Ford will earmark 30 percent of the planned investment, and the modernization of the General Pacheco plant, to export 70 percent of the volume manufactured there.

"Ford has been producing and investing continuously in the country for 107 years, and currently employs 2,800 people. This year it will manufacture around 37,000 units of the Ranger model, which is a source of supply for the Latin American markets and for export purposes," the presidency's statement said. Enditem