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Foreign investments in Algeria failed to reach expectations
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Algerian Industry Minister, Abdelhamid Temmar
As a reaction to the criticism launched by the Algerian president towards foreign investors, the government has appointed experts to carry out a thorough survey of the direct investments at the level of the National Office for Investment’s Promotion in Algeria.
- One of the major changes that the government intends to make consists in reconsidering the incentive policy implemented to attract foreign investors and bar the route for speculators
- Estimates released by the Algerian central Bank reveal that the Algeria- based foreign companies have transferred the amount of $ 15.7 billions over the period 2005-2007, in comparison to $6.5 billions as from 2001 to 2004, putting the gross total of money transfer abroad to $22.2 billions from 2001 to 2007.
- The same estimates showed that foreign companies recorded net profits amounted to $ 5.6 billions in2006 compared to $5.1billions in 2005 to shrink to $ 4.7 billions in 2007 due to the revision of the law on hydrocarbons.
- President Bouteflika has staunchly lashed at foreign investors who benefited from the facilities and incentives provided by the Algerian authorities to make money at the nation’s expense and transfer tremendous sums of money abroad.
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uzu ukamaka : nigeria
on
07 January, 2009 02:17:19
ronaldo is the best.
yacine : algeria
on
07 January, 2009 12:27:04
it is very good action of our student and the country as hole...
Ismail1989 : Tebessa (Algeria)
on
07 January, 2009 11:15:27
Across the world there were protests against the zionists, in the Arab world too, but our leaders don't dare to say a word like (interromping ...
Marja : United States
on
06 January, 2009 05:35:10
This is truly amazing. I had never heard of Ibn al-Haytham before reading this article. It's amazing how euro-centric ideas bias many people ...
salaheddinne : algerian resident in england
on
06 January, 2009 03:18:22
every candle in each house shows and a proof the lenght and the huge gap of ignorance in our society as a whole including ...
Comments (4 posted):
from our website-press releases-
English
El Khabar
08-09-2007
sofiane Bouayad
According to Algerian British Business Centre report:
Foreign investments in Algeria are trial balloons
Big foreign companies present in Algeria are looking for making immediate profits instead of direct investments due to the Algerian negotiators incompetence, said Algerian British Business Centre, ABBC. Stc
An ABBC report elaborated by the centre general director Zahir Serrai of which El Khabar got a copy, mentioned that the majority of foreign companies have entered the Algerian market through partnerships with local companies. That partnership aims only to market the foreign product through setting networks like that of cars-dealers.
The national economy, added the report, cannot make any profit, since the only beneficiaries are the owners.
The ABBC report further disclosed a reluctance of some foreign services companies, as the amounts of their investments in Algeria are still low, mostly in banking and insurance sectors. In turn, the same report noted that foreign companies prefer to invest in profitable sectors like hydrocarbons field. The report concluded that the current foreign investments are only “trial balloons” before launching other investments in other sectors
By S. B/ Translated by A A
Number of read: 4119 Times
Thanks to ech-chorouk
Merci
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