Algerian government starts negotiations with 400 Algerian billionaires in France to face the oil crisis

Oil crisis forced the Algerian government to begin negotiations with 400 Algerian investors who live in France to return to Algeria and launch investments in Algeria rather than abroad.

Vice-President of the Forum of Chiefs of Enterprises, Salaheddine Abdessamad, told Echorouk about the launch of negotiations with 400 Algerian businessmen who live in France to return to Algeria and start investment in industry, technologies, services, mechanics and recycling activities.

“This initiative will be embodies by the government in the context of the decline of oil prices and the state revenues. Government decides this time to use its sons “billionaires” who are live in other countries to create billions of dollars in new investments.”

“French President, Francois Hollande, paid a visit on Monday to Algeria, which did not include economic meetings, but was purely political, and the economic side was limited on conversations between members of the government without the presence of Algerian businessmen and their counterparts from the French MEDEF.”

“Visit that was led by the Forum of Heads of Institutions to Paris included interviews with 400 Algerian businessmen who live in France, and discussions were held on the possibility of establishing new investments in Algeria, especially in the fields of food industry, technologies and other sectors which focus in the current period on getting out of oil crisis and the opening new markets which qualify them to bring hard currency to Algeria.”

“Remittances will depend on the Algerian and French banks, or the mixed banks. There is a problem of the lack of a bank for the Algerian community, until this time, especially in France, which includes more than five million Algerians. All the neighboring countries created banks to their communities in countries where their nationals reside, except for Algeria, which is a shortfall that would be reluctant to transfers billions.”