Algeria seeks Kuwaiti investment

Algerian Finance Minister Karim Djoudi Saturday urged Kuwaiti businessmen to invest in Algeria and take stakes in public companies.

• Speaking before the 5th Algerian-Kuwaiti joint commission in Algiers, Djoudi said his country is making procedures easier for Kuwaiti investors. “They are invited to enter vital sectors including petrochemistry, agriculture, tourism, iron and steel”, he said
• “Algeria’s current situation is very attractive for Golf investments whatever they are big compared to the Algerian market,” he asserted.
• He indicated that Algeria’s exchange reserves reached $137 billion in August and foreign debt dropped to $600 million.
• Kuwaiti Finance Minister Mustapha Djassem said the joint commission’s meetings focused on investment aspect.
• He pointed out underway negotiations on the opening of a direct air route between Algeria and Kuwait and organizing common transport sector.
• “Algeria is a rich country with its resources and potentials,” he said.
• Algerian President Abdelaziz Bouteflika paid a visit to Kuwait in April. The visit came up with the signature of a number of agreements related to double-taxation and fiscal evasion prevention.
• Kuwait is the third largest investor in Algeria after Egypt and Spain. Its investments in the North African country are valued at $1.3 billion.