Algerian-American Business Council to hold meeting in Algeria
The Algerian-American Business Council is expected to organise in collaboration with the National Agency for Foreign Trade Promotion an economic forum in Algiers.
- The forum will deal with the Algerian commodities and products in US markets. Algerian small and medium-sized companies working in industrial food, agricultural products and traditional industry will attend the forum.
- The meeting will focus on rules to enter US markets, legal and tax aspects, facilitating measures and exports to America. Six presentations will be made about how Algerian products can enter the US market.
- The Council’s chairman Ismail Chikhoune said the delegation will go to the province of Oran (west of Algiers).
- He added that US investments out of hydrocarbons sector started being concretised through small and medium-sized projects in construction and medicines sector.
- “Algeria needs to reinforce its attraction in investments coming from North America.”
- Ismail Chikhoune asked for revising the Rule 49/51 in sharing stocks which has been implemented by Algeria since 2009.
- He asked for reviewing this rule concerning non oil sectors, stressing the necessity of speeding up the amendment of some clauses in the investment law.
- Though US business men paid previous visits to Algeria, the number of concretised projects remains very limited. Because of that, Americans want to gain public projects funded by the Algerian State through the Public Treasury as part of the five-year-plan.
- The US is Algeria’s first client with $13.7 billion annual exports in 2010 and $2.1 billion imports. Yet, the country is almost absent in investments out of hydrocarbons for many reasons including unstable investment atmosphere, the bad condition of Algerian banks and hindrances in terms of profits transfer abroad.