Bouchouareb invites Emirati companies to further invest in Algeria

APS : Sunday, 17 April 2016
ABU DHABI (UAE)- Minister of Industry and Mining Abdesselam Bouchouareb has invited, Sunday in Abu Dhabi (the united Arab Emirates) Emirati companies to seize investment opportunities in Algeria.
In his opening address at the 1st Algeria-EAU Business Forum, which he co-chaired with Emirati Minister of Economy Sultan bin Saeed Al-Mansouri, Bouchouareb said “in Algeria, we bank on the investment capacity of our companies and we insist on the need to develop our industrial relations, given the existence of huge investment opportunities in various sectors.”
In this regard, the minister cited the areas, which have been identified by the two sides to boost their partnership, namely industry, renewable energies, agriculture and tourism.
Algeria relies on the UAE to boost investment, because this country has already proven, in a near past, its trust in the opportunity of the Algerian market, he added.
Emirati investments in Algeria, until now, amount to US$ 5 billion, according to figures provided by Bouchouareb, who added that they are expected to double with the commissioning of the projects declared to the National Agency for Investment Development (ANDI) and which are underway.
“I am convinced that we are still far from the real level of our investment capacities,” he said, adding that they may reach US$ 20 billion in the midterm,” he explained.
In this regard, Bouchouareb underlined the recent economic reforms carried out by the country with a view to improving business climate and encouraging productive investment.
In this respect, he cited the draft investment code, which is due to be adopted by the end of June, as well as the measures of the Finance Act 2016, including the authorization to resort to external funds for huge wealth-generating projects.
Algiers and Abu Dhabi should also seek means to strengthen and implement the 40 agreements and memorandums of understanding signed between the two countries in the fields of investment, education, justice, agriculture, environment, communication, transport and consumer protection, he stressed.
Algeria-UAE Business Forum has brought together over 400 Algerian and Emirati companies.

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