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The Renault factory in Oued Tlélat.
The integration of inter-African trade presents significant opportunities for Algeria to diversify its economy and take advantage of the strong potential presented by the African market, in addition to promoting foreign investment in the country, particularly through its strong commitment to African Continental Free Trade Area (AfCFTA).
These perspectives were highlighted during a meeting held this Tuesday in Algiers, entitled “Trade and investment opportunities in Algeria: navigating the new economic context of the AfCFTA”. On this occasion, in a speech read on his behalf, the Minister of Commerce, Tayeb Zitouni, affirmed that inter-African trade “is expected to become the engine of the continent’s economies to move towards increased growth and job creation. in a changing international environment.
This economic progress requires better application of the free trade agreement, while continuing economic reforms to develop the business and trade climate in Africa.
Zitouni also stressed that “Algeria has spared no effort for the implementation of the African Continental Free Trade Area (AfCFTA)”. He added that Algeria’s participation in the targeted trade initiative for the (ZLECAf) last December “will allow the effective launch of trade, in accordance with the benefits provided for in the agreement establishing the zone, and constitutes a message positive for economic operators in order to start applying the provisions of this agreement,” he said.
During this meeting, which was held on the sidelines of the 55e edition of the Algiers International Fair (FIA), the director general of the Algerian Investment Promotion Agency (AAPI), Omar Rekkache, affirmed that the agency is working to promote Algeria as an investment destination , as well as preparing the 4e edition of the Intra-African Trade Fair (IATF), which will take place next year in Algeria.
Concerning the strengthening of foreign investment in Algeria, Mr. Rekkache mentioned the establishment of several mechanisms in this direction, namely the creation of a business climate favorable to these investments as well as facilitating the procedures included in the investment process, in particular through the generalization of digitalization, in particular to facilitate access to economic land. He also stressed that these projects “must necessarily correspond to the strategic objectives of the government”, adding that it is important to define the key sectors that will be able to attract the most investments.
He further indicated that access to financing for the benefit of investors is being achieved gradually thanks to the efforts of banks to facilitate this, in addition to reducing interest rates with regard to investment. . In this regard, Mr. Rekkache affirmed that the collaboration with Afreximbank (African import and export bank) intervenes with the aim of finding financing solutions and integrating the African market with products that will satisfy demand. in terms of quantity and quality.
Concession contracts: 72 final decisions issued
Seventy-two final concession contract decisions have been issued to date, as part of the allocation of economic land to investors by AAPI, announced yesterday in Algiers, the general director of this agency, Omar Rekkache.
During a press briefing on the sidelines of a meeting around investment in Algeria within the framework of the African Continental Free Trade Area (AfCFTA), Mr. Rekkache indicated that these decisions were issued on a total of 238 provisional decisions awarded by the AAPI.
“When we talk about a concession contract, it is the official launch of these projects. The remaining projects are finalizing their registration procedures,” he said.
According to the same manager, the objective of these procedures is to grant economic land to any “serious” investor with the real capacity to carry out his project as soon as he obtains the favorable decision, and this “to avoid old practices, when operators did not launch their projects, even after several years.”