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إدارة الموقع

100 Foreign Companies Keenly Interested In Algerian Market!

Imène Kimouche /*/ English Version: Med.B.
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100 Foreign Companies Keenly Interested In Algerian Market!

100 foreign investment application forms deposited on the table of the National Agency for the Development and Promotion of Investment “Andy” are awaiting – until this October – the separation of powers, positive or negative, to benefit from tax privileges and exemptions within the framework of the incentives granted by the government to investors in several sectors, including investors who have started their activities, in partnership with local institutions without exemptions, pending the response of the authorities that will follow the release of the new investment law.

Sources familiar with the file said that the number of foreign investment applications, deposited today at the National Agency for Investment Promotion and Development, reached nearly 100, after it was a little more than 50 earlier.

This is related to the sectors of the food industry, manufacturing, renewable energies, energy and mechanical industry, while the investment requests did not include the assembling of cars.

The source added: “Until now, the National Agency for the Development and Promotion of Investment is still stuck in the file of the previous assembling factories that were suspended after canceling the tax privileges granted to it, which precludes any new files”.

According to the same sources, some foreign dealers, such as the French “Total” company, started its activities at the level of the western province of Oran, even before the decision on its request, especially for tax concessions, after the issuance of the new investment law, in the wake of the freeze of the National Investment Council.

No meeting to decide on foreign investment applications has been held since November 2019, so that the application files remain accumulated in the drawers of the National Agency for Investment Development and Promotion.

According to the same sources, the new investment law is expected to be issued in the Official Gazette before the end of the year, after it has been passed by the Council of Ministers and put up for discussion at the parliament, as it is currently still on the table of the Ministry of Industry in the process of scrutiny and updating, and a copy of it will be to be conveyed to ministers and major relevant institutions so as to review it and provide feedback on it within two weeks.

With the National Council for Investments being frozen since November 2019, and following the suspension of investments since the beginning of the popular (Hirak) movement in Algeria on February 22, 2019, no new foreign investments have been registered in Algeria for 3 years, namely in 2019, 2020 and in 2021.

It is expected that the new investment law will grant broader powers to the National Agency for the Promotion and Development of Investment, by notably granting independence to its members in studying investment files and adjudicating them in all objectivity and impartiality away from the interference of the authorities.

Undue tax privileges and exemptions were previously criminalized, similar to those associated with car assembly factories, where their files were later referred to the judiciary, their owners were imprisoned on corruption charges, and some of their property was retrieved and confiscated.

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