Algiers’ African Investment Forum, opportunity to focus on Africa

November 8th, 2016

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APS : Monday, 07 November 2016

ALGIERS- The holding of the African Investment and Business Forum, scheduled from 3 to 5 December in Algiers, is an opportunity for Algeria which wants to focus on Africa, said Monday Minister of State, Minister of Foreign Affairs and International Cooperation Ramtane Lamamra.
As part of its efforts of diversification and adaptation of its growth model, Algeria wants to seize the advantages offered by the African continent which represents a huge reservoir of productivity, production of wealth and growth, said Lamamra in a press conference on the African Forum.
For the minister, the holding of this rendez-vous, which will be marked by the participation of more than 2,000 economic operators of different sectors, will be an opportunity to start this initiative.
“The state of the Algerian economy and the ongoing reforms don’t prevent the country from having ambitions in the African territory (…) and playing the key role in the African economic integration,” underlined the minister.
According to Lamamra, the Trans-Saharan Road (Lagos-Algiers) and El Hamdania port project (in the province of Tipasa) have been conceived in this respect.
Mentioning the African economic integration, the minister expressed the willingness of Algeria to strengthen the ties with Africa’s economic organizations.
“There is a development process in Africa, considering the continent’s integration and free-exchange areas,” Lamamra noted.
“In this respect, Algeria’s rapprochement with the Common Market for Eastern and Southern Africa(COMESA) is under consideration.”
“In a near future, we will negotiate our trade agreements with Mali and Niger as well as the Economic Community of West African States(ECOWAS),” Lamamra said.
Algeria, which is an observer at the ECOWAS, “intends to make other steps favouring the connection of the Algerian economy with the economies of the other African nations.”
More than 2,000 companies and economic operators, most of them from Africa, are expected to participate in the first African Investment and Business Forum held by Algeria.
The participating companies operate in the fields of energy, industry, mining, agriculture, transport, public works and information and communication technologies.
“It is our first experience and we want it to be successful (…) in order to make of the Forum a continental economic event and world-renowned forum,” he said.
To that end, a working group made up of representatives of the ministries of Industry and Mining, and of Foreign Affairs, as well as the Forum of Algerian Business Managers (FCE) has been set up to prepare for the Forum.
An interministerial meeting, chaired by Prime Minister Abdelmalek Sellal, was held on Sunday for a better organization of the Forum.