Algeria to take radical changes to boost foreign investments, say Benmeradi

Minister of Industry, SMEs and Investment, Mohamed Benmeradi said in Paris that the government is ready to take radical amendments to the current investment code.

• On the sidelines of the visit he conducted to the French Development Agency (AFD), with President Sarkozy’s in charge of mission, Jean-Pierre Raffarin, Benmeradi specified that the aforementioned amendments will meet investment juridical frame, which likely to boost foreign investment in the North African nation. He added that they will make the investment code inline with changes taking place locally after the new procedures brought by the complementary budget law of 2009.

  Mr Benmeradi further mentioned that soon after the speech of President Bouteflika in mid-April, the government started restructuration of the juridical mechanisms to boost local economy and attract foreign investors, in order to curb dependence on oil revenues.