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29/03/2017 16:13

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You are here:HOME»ECONOMY»Algeria's investment potential presented in Washington
Friday, 17 March 2017 20:01

Algeria's investment potential presented in Washington

Algerian ambassador to Washington Madjid Bouguerra is speaking at a meeting with the US business community Algerian ambassador to Washington Madjid Bouguerra is speaking at a meeting with the US business community APS

WASHINGTON- Algerian ambassador to Washington Madjid Bouguerra called for stronger partnership between Algeria and U.S.

Speaking at a meeting with the US business community, organized by the US Group and the Algerian-US Business Council (USABC), the ambassador presented the huge investment opportunities offered to foreign investors and the measures taken by the Algerian authorities to enourage them.

The encounter precedes a the visit of US businessmen to Algeria, scheduled in October.

The government, in application of President Abdelaziz Bouteflika’s orientations, engaged during the last couple of years, reforms with a view to mitigating the impact of the decline in oil prices and establishing a new model of growth which will significantly reduce Algeria’s dependency on hydrocarbons, Bouguerra said.

Those measures provide huge investment opportunities to the foreign companies, he added in front of the delegates of 20 US companies.

The ambassador insisted that the reports of pseudo experts who predict "the worse prospects" for Algeria "are far from the reality" by presenting a biased image of the situation in the country.

Algeria has certainly lost 50% of its revenues, but it also gained enormous resources which enable it to deal with the impact of oil falling prices, he said, citing the low level of indebtedness and the comfortable level of change reserves having contributed to stabilize the country’s macro-economic situation.

Referring to the last reports of the World Bank and the IMF, Bouguerra said that Algeria represented a good example regarding the budgetary policy, and its economy is forecasted to grow by 3.9% in 2017.

"…Algeria has carefully managed its natural and financial resources and wisely invested by further strengthening its role as a stable and strong country,” said the Algerian diplomat.

Indeed,  he said that Algeria has successfully demonstrated its abilities to maintain its borders secure and reinforce the security in the region, while working to restore peace in Mali and Libya.

About the Algerian-US relations, the ambassador described them as "strong, varied, dynamic, tangible and destined for a brighter future," stressing that the cooperation between two capitals in the military, commercial and security fields.

The mission of the US businessmen, scheduled from 1 to 4 October will focus on investment in several fields like construction, health, agriculture, infrastructures and energy, said President of USABC, Smail Chikhoune. 

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