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Speech of Prime Minister Aïmene Benabderrahmane at the opening of the Algerian-Egyptian Economic Forum

At the inauguration of the Algerian-Egyptian Economic Forum, Prime Minister Aïmene Benabderrahmane said that Algeria has adopted, in recent years, a number of structural reforms within the framework of a deep vision aimed at developing economic sectors that contribute to creating jobs and achieving economic and social well-being. The country offers all conditions for success of the investment and partnership, especially with regard to projects of export feasibility to African countries and others.

The Prime Minister’s speech stated the following:

In the name of Allah the Merciful

Peace and blessings be upon the Messenger of Allah and on his family and companions,

Your Excellency, Mr. Prime Minister,

Ladies and Gentlemen, Ministers,

Ladies and gentlemen, members of the Algerian-Egyptian Businessmen Council,

Business ladies and gentlemen,

Ladies and gentlemen,

It gives me pleasure, first of all, to once again welcome my brother Moustafa Madbouli, Prime Minister of the sisterly Arab Republic of Egypt, with whom I am pleased today to open the work of this meeting with a group of businessmen in the two countries. A welcome is also extended to all our honorable Egyptian guests.

We are inspired in this activity by the directives and instructions of the leaders of the two countries, Mr. Abdelmadjid Tebboune, President of the Republic, and his brother, His Excellency Mr. Abdel Fattah El-Sisi, President of the sisterly Arab Republic of Egypt, and their personal commitment to work on everything that would contribute to raising the level of cooperation and partnership between the two countries and their keenness on increasing the volume of inter-investment and maximizing the benefit from the attractive investment climate in the two countries, as well as increasing the rates of trade exchange.

I would like to express my great satisfaction with this meeting, which brings together businessmen and economic dealers from the two countries, in an atmosphere of common desire to build strong economic and commercial relations by exploiting the available opportunities, especially in the investment fields. We expect their work to achieve results that are in line with our expectations.

Mr. Prime Minister,

Ladies and Gentlemen,

As you know, Algeria has been blessed by God with many advantages that make it an attractive investment destination par excellence.

Its important geographical location qualifies it to be a link between Europe and Africa on the one hand, and a gateway to Africa on the other.

Its vast area, being the largest Arab and African country, and the diversity of its climate, give many opportunities for investment.

In terms of infrastructure, Algeria has a well-developed network of land roads, ports and airports. It has also completed or initiated major road projects linking it to the African continent through two land ports in the cities of Tamanrasset and Tindouf. I do not fail to mention in this regard the recent agreement between Algeria and Mauritania on the completion of a land road project linking the cities of Tindouf and Zouerate.

Not to mention the construction of logistic bases in Tamanrasset and Tindouf and the opening of a marine line linking Algerian ports to Mauritania. All of these strategic structures will allow investors who localize their activities in Algeria to open commercial and export outlets to African markets, where the number of consumers exceeds one billion people.

Algeria offers all the conditions for success for investment and partnership, especially with regard to projects of export feasibility to African countries and others, without forgetting that Algeria is a large workshop for vital projects in the fields of agriculture, tourism, renewable energies, transportation, industries in its various sectors and the field of services, in addition to public equipment that gives a large part of the deals with foreign companies.

Mr. Prime Minister,

Ladies and Gentlemen,

The Algerian government, in an effort to encourage economic competition and launch a spirit of private initiative to accelerate the movement of economic development in the country, has adopted, in recent years, a number of structural reforms within the framework of a deep vision aimed at developing economic sectors that contribute to creating jobs and achieving economic and social well-being, most notably the sectors of energy, mining, tourism, fishing, agriculture, food industries, pharmaceuticals, public works and irrigation.

The government’s program also aims to gradually integrate the national economy into global value chains through trade exchanges, partnership and transfer of technologies and expertise.

In this regard, Algeria proposes, in the field of energy, investment in the fields of exploration and production of oil and gas, in order to achieve higher levels of export operations. In the field of renewable energies, Algeria has profitable investment programs, especially in the production of photovoltaic energy, which will make a big leap in the coming years. The mining sector is also among the sectors that are attracting the attention of foreign investors due to its high returns.

On the other hand, the manufacturing industries related to the agricultural sector receive special attention in the government’s program because they constitute the main added value in terms of creating job opportunities and contributing to economic recovery.

In the field of industry, the Algerian government attaches great importance to the development of micro, small and medium enterprises, which have become the mainstay of economic structures in many countries.

As for the housing sector, which has been receiving great attention from public authorities for years, the government has decided to continue its support for this vital sector to meet the ever-increasing demand for social housing, which makes it an area of ​​high economic feasibility.

As for the tourism sector, this field receives special attention within the government’s program and public policies, especially in light of the effort to diversify the economy and raise the advantages and competitiveness of this sector in Algeria.

Mr. Prime Minister,

Ladies and gentlemen,

Within the framework of improving the general environment for business in Algeria, the government is working on modernizing the banking and financial system and improving the attractiveness of the investment platform through a deep review of the investment law, in a way that responds to the concerns of national and foreign economic operators, and raises the possible obstacles that prevent the realization of their investment projects.

To achieve this endeavour, the government has adopted a new investment law that improves the investment system to serve cooperation and partnerships with foreign partners. Through it, it was decided to create a single window with a national jurisdiction for major projects and foreign investments. The authorities also intend to digitize the procedures related to the investment process and expand the scope of guaranteeing the transfer of invested amounts and the proceeds resulting from them to non-resident investors.

The new investment law will accompany foreign businessmen and companies regarding the transfer of profits, enshrine freedom of investment, and provide equality among investors.

It is expected that the draft investment law will be presented to Parliament for discussion and approval.

Also, when I was talking about the investment platform in Algeria, I would not fail to point out the dedication of freedom of work for the benefit of foreign companies that enjoy in this field the same rights and benefits as national institutions.

Mr. Prime Minister,

Ladies and Gentlemen,

Sister Egypt, with which we have historical relations, is one of Algeria’s most important Arab partners, both in terms of the volume of investments and the volume of trade exchange. The field remains open for partnership to Egyptian businessmen in all sectors.

The new investment law will open up new horizons for them and give them the necessary facilities, including the transition from production to export. On your shoulders, businessmen and economic operators, a great responsibility lies in pushing the bilateral relations between the two countries to a higher horizon.

I am confident that the Egyptian companies, by defining these priorities, will be able, in coordination with their partners in Algeria, to exploit the real opportunities to launch partnerships in the Algerian market. The heads of the institutions accompanying you, who often have contracts and partnerships with Algerian institutions, will be able to find, whether on the part of the government or the institutions, all the interest and readiness to program their future initiatives.

Thank you for your kind listening

Peace be upon you and the mercy of Allah.

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