Economy

Minister of Industry: Algeria, “a crossroads for investors” thanks to new investment law

Algeria will be a crossroads for local and foreign investors, thanks to the incentives provided by the new investment law, said Monday in Algiers, the Minister of Industry, Ahmed Zeghdar.

In a statement to the press on the sidelines of the adoption by the members of the National People’s Assembly by a majority of the bill relating to investment, Mr. Zeghdar specified that “this law, which enshrines the principles of freedom to invest, allows investors to benefit from support from the National Investment Development Agency (ANDI) and the National Investment Council (CNI), whose strategic prerogatives have been defined in this law”.

In addition to the new investment law, other supporting laws as well as reforms of the banking and financial systems are planned, he said, adding that the business climate will be improved, which will further encourage the local and foreign investor.

The law on investment ensures a system of legislative stability, in addition to the factor of political stability, energy incentives and the geographical position of Algeria which constitutes the door to Africa.

The digital platform provided for in the law will make it possible to process all files in real time and to overcome all the obstacles that hinder the investor, he said.

With regard to the automobile file, the Minister indicated that the new law on investment provides for several incentive measures for the revival of this activity, thanks to the stability of the legislative system guaranteed for more than a decade, declaring that his sector is “currently negotiating with several companies”.

In this context, Mr. Zeghdar announced that his department had completed the preparation of eight implementing texts relating to the new investment law, which will be published successively after the law is promulgated.

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