Algerian Ministry of Trade recognizes the foreign companies’ abuses in Algeria

The National Agency for Promotion of Foreign Trade’s director at the Ministry of Trade, Hocine Boubtina, confirmed on Sunday, that the ministry started a large control operation for all the foreign companies, which are operating in Algeria, and control transfers of funds abroad, admitting the existence of serious abuses by a number of foreign companies in Algeria.

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• The Ministry of Commerce recognition confirmed the Algerian President’s hints in his speech before the heads of the municipal People’s Councils, when he criticized the work of some foreign companies that are transferring considerable amounts of money abroad instead of investing in Algeria.
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• Sources from the Bank of Algeria has pointed to the existence of abuses in this framework, and sent reports to the Ministry of Finance, mentioning a number of investors, who transferred huge amounts of money which are violating laws of exchange and capital movement to and from abroad, which are abuses similar to those registered in Khalifa’s issue.
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• Under strict control of those companies, the Algerian government moved through the Ministry of Trade, where most investigators were summoned, in addition to the high-tyres at the general directorate of taxation as well, inviting them to resume their activities, in order to control all the foreign companies in Algeria –as mentioned in Echorouk on Sunday-.
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• 22.2 billion U.S. $ were transferred to abroad between 2001and 2007

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• Algerian Bank reported recently that the foreign companies in Algeria have transferred 22.2 billion U.S. $ to abroad since 2001 until 2007.
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• The Bank said that these companies have transferred between 2005 and 2007 the equivalent of 15.7 billion U.S. $, compared with 6.5 billion $ between 2001 and 2004, in the framework of transferring the foreign companies’ benefits, which are active in Algeria in various sectors, including fuels, various services including   real estate, construction and public works, cars, medicines and agriculture trade, in addition to food products.
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• The Bank said that these companies had achieved profits amounted to 5.6 billion $ in 2006 versus 5.1 billion $ in 2005, which are declined to 4.7 billion $ in 2007 after the Algerian government impose taxes on exceptional profits to foreign oil companies because of the fuels law amendment.
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