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Algeria’s investment potential is not limited to the hydrocarbon sector alone. Other areas are also attractive, especially since Algeria has a business climate which is distinguished by numerous advantages for the benefit of foreign investors, including the legal stability which characterizes it.
This is the plea of the Minister of Industry and Pharmaceutical Production, Ali Aoun, Thursday in Algiers, during a conference organized by the Delegation of the European Union (EU) in Algeria, in collaboration with the Agency Algerian Investment Promotion Agency (AAPI), under the theme “Exploring new investment and Nearshoring opportunities in Algeria”.
The minister was keen to note that Algeria, which has always been a reliable and secure partner for European countries, particularly in the field of natural gas supply, aspires to “establish relations of cooperation and partnership which meet to our mutual aspirations in terms of economic development.
This is why “the theme of this meeting is part of the new economic vision of Algeria and constitutes an opportunity to formulate a common approach with a view to strengthening cooperation between Algeria and the EU,” underlined Mr. Aoun, in the presence of the head of the EU Delegation to Algeria, Ambassador Thomas Eckert, the Director General of Taxes, Amel Abdellatif, the Director General of Customs, Major General Abdelhafid Bakhouche, the Director of the Bank. National Housing Authority, Ahmed Belayat, the president of the Algerian Economic Renewal Council (CREA), Kamel Moula, representatives of several ministerial departments and general directors of public organizations and economic companies.
Aoun said he was convinced that “the new beginning can only be achieved with the participation of all stakeholders, notably investors and businessmen on both sides”, calling for “intensifying contacts and meetings to establish relationships based on the win-win principle.” He continued by saying that “cooperation can only be fruitful in the context of a secure and stable environment which strengthens the confidence of economic actors and grants them guarantees and incentive measures”, recalling in this context that “the Algeria, under the leadership of the President of the Republic, Abdelmadjid Tebboune, initiated the realization of a qualitative leap in economic reforms, in particular the legal framework relating to hydrocarbons, finance and investment.
At the regional level, the minister recalled that Algeria joined the African Continental Free Trade Area (AfCFTA), underlining its ambition to become “a bridge between the two African and European continents”, particularly due to its positioning. geographical location as well as its investments in infrastructure (roads, industrial zones, ports) with a view to facilitating trade and investor access to African markets, which is “an additional catalyst capable of launching joint investments in areas of industry, agriculture, commerce and services.
The minister stressed that “Algeria is experiencing a new era and is committed to building bridges of cooperation with the European Union (EU), as a historic partner”, recalling that the partnership agreement on both sides another established the EU as Algeria’s first partner for several years and the volume of trade between Algeria and the EU amounted to 46.5 billion dollars during the first eleven months of the year 2023.
Algeria’s strengths
For his part, the president of CREA indicated that Algeria has assets which establish it “into a stable regional economic force, thanks to the profound and global transformation of the economic system”, noting “the transition made from “an economy of rent to an economy of initiative and innovation, and stability of the legal system and fairness between all investors”, which is, according to him, “a fundamental element in improving the climate of business.”
As for the chief of staff of the Vice-President of the European Commission, responsible for trade and investment, Mr. Dombrovskis, he affirmed that Algeria is “a key country which attracts foreign investments”, underlining the implementation place a plan defining activities that attract investments to collaborate with foreign operators with a view to encouraging them to invest in Algeria.
This conference was an opportunity for stakeholders, private and public, to exchange views on the business climate and investments in Algeria, as well as on the Euro-Algerian investment partnership. In the same context, participants examined investment opportunities in Algeria and those of European Nearshoring, from which the Algerian economy can benefit, as well as the prospects for Euro-Algerian economic integration and expansion towards the African continent. .
This conference is part of the execution of the cooperation program between the Ministry of Foreign Affairs and the national community abroad with the EU through the “Euro-Algerian Partnership for Sustainable Investment” project. », launched in 2023, with the aim of promoting the economic partnership between the two parties through the promotion of foreign direct investments and European Nearshoring projects.