APS : Wednesday, 06 June 2018
NEW YORK- Algeria attracted US$1.2 billion in foreign direct investment (FDI) inflows in 2017, said Wednesday the United Nations Conference on Trade and Development (UNCTAD).
In 2017, the diversification of FDIs in Algeria was mainly through FDIs by the Chinese telecom group Huawei and the South Korean Samsung, which opened its first smartphone assembly plant in the country, said the UNCTAD in its World Investment Report 2018.
FDIs inflows in Algeria decreased by 26% compared to 2016, from US$1.63 billion down to US$1.2, said UNCTAD, which expects them to increase after the revision of the law on hydrocarbons.
The amendments to the law on hydrocarbons would draw more foreign investments in the oil sector in the country, said the UN organization, adding that FDIs in Algeria depend greatly on investment in the oil and gas sector.