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Algeria Press Service

Current exchange rate Algerian Dinar|23/04/2017

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24/04/2017 12:27

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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. 

Published in ECONOMY

WASHINGTON (United States)- Algeria's economic assets were on the focus Tuesday in Washington, during an international forum on US-Mediterranean ties organized by the American think tank, the Center for Transatlantic Relations. 

In an address during the two-day event attended by 13 Mediterranean nations, Hafidha Benchehida, a members of the Council of the Nation (upper house of Parliament), stressed the improvement of the business climate and stability in Algeria, which will allow it to become an attractive destination for foreign investment.

Benchehida, speaking in a session on business climate in Maghreb countries, said Algeria remains a reference in terms of stability and a "peace exporter" country.

This fact was also underlined during the forum on Mediterranean dialogues held last Saturday in Rome, Italy, she added.  

The deputy chairman of the Algerian employers' forum (FCE), Mehdi Bendimerad, focused on Algeria's economic reforms, mentioning the main measures taken by the government to facilitate investment.

He cited in this respect the revision of the Investment Code, access to land for industrial use and tax reduction.

The head of the Algerian-US Business Council, Smail Chikhoune, in a debate on private sector's role in the creation of growth, said the process of Algerian economy diversification has sped up over the past few years.

The process has been marked by significant non-hydrocarbon investments, he stressed.  



Published in ECONOMY

WASHINGTON- Minister of Industry and Mines Abdessalam Bouchouareb said Monday in Washington that Algeria is seeking to benefit from the technological and industrial excellence of US companies.

Speaking at the second Doing Business conference held in the United States from November 30 to December 4, the minister said that in return for the transfer of technology, US companies will find new growth opportunities in Algeria.

"We are the market of the future," he told Algerian and US managers participating in this  Conference organized by the Algerian-US Business Council and the Corporate Council on Africa.

Calling for diversifying and deepening the partnership between the two countries, Bouchouareb noted that Algeria ambitions to give a decisive impetus to the industry.

The Minister also explained the main lines of the Government's industrial strategy, based on a import substitution policy and the development of technology-intensive production.

In this regard, Bouchouareb mentioned several sectors which represented true investment opportunities in Algeria, like renewable energies, the digital economy, mechanical industry, steel, public works and mining.

Bouchouareb lengthily spoke of the reforms undertaken by Algeria to improve the attractiveness of its economy, stressing that the reform of the investment code aimed to facilitate and encourage foreign direct investments.

In this regard, he explained that the rule 51/49%, governing foreign investment in Algeria "is maintained but it will no longer be included in the investment code as a requirement of pre-admission."

This measure "will be examined under the regulation of activities."

Doing Business conference is intended primarily to promote the Algerian-American partnership and also to inform the US economic world about the substantive reforms undertaken by Algeria for the improvement of the business climate and investment.

After Washington, the Algerian economic mission with nearly 70 companies will travel to Detroit, the heart of American car industry and should continue its journey to Michigan, San Francisco and California.

Published in ECONOMY