WASHINGTON-Economic growth is a "priority and a longstanding goal" set by the Government, Prime Minister Abdelmalek Sellal stress in a report on investment in Algeria released in Washington.
"Our strategy is simple; it focuses on growth as a priority and a permanent goal, and companies as a mean to achieve this goal," the Premier said in this report, released on the occasion of the annual meetings of the International Monetary Fund and the World Bank.
Entitled "Algeria Investment Report," the report, composed of 28 pages, aims at promoting the Algerian market to attract US businessmen.
Sellal added that "all measures have been taken to encourage investment, creation of business and improve the business environment."
"For over a decade, our oil incomes are directed towards the establishment of structural programs and large basic infrastructure to make up the economic leg, from which we suffered during the terrorism era," Sellal affirmed.
"We are preparing for post-oil economy," he said in response to a question on the new growth model launched by the Government to revive productivity following a sharp fall in oil prices.
Economic patriotism open to foreigners
According to the PM, the most ambitious project aims at "putting the country on the path leading to development and prosperity and successfully change some mentalities and practices" of the Algerian society.
In this regard, Sellal said that the Government's economic policy is based on economic patriotism, which does not exclude resort to foreign expertise and investment.
He stated that the new investment code enshrines the freedom of investment in Algeria and subjugates the automatic granting of benefits while reorganizing entities in charge of investment.
"We have also introduced a simplified procedure to supervise the management of industrial lands, which is now open to private investment and can be domestically controlled," he explained.
Sellal highlighted US businessmen's expertise, stressing that several cooperation fields can be exploited by the two countries including petrochemistry, energy, pharmaceutical industry and agriculture.
"We can provide US investors with several opportunities," he said.