Algerian punished France by seeking investment projects with Gulf countries

Algeria’s industry minister Abdesselam Bouchouareb plans to go to Qatar next week to examine partnership and cooperation opportunities. This comes after he came back from the UAE where he met businessmen and examined different partnership opportunities. Emirati projects in Algeria were assessed as well, according to sources at Parliament.

The Algerian government adopted a new choice to boost foreign investments in the country. It chooses markets in the Gulf, the Arab world and Africa while it used to prefer dealing with France. 

This choice came to surface following French Prime Minister Manuel Valls’ last visit which raised controversy and criticism. Peugeot and Total agreement signature was postponed.

According to the same sources, the Peugeot project was postponed because France wanted to take over the plant with a reduced integration rate. It was not satisfied by 49 percent of shares.

Total project was postponed due to high costs imposed by the French partner. 

Earlier on his visit to Dubai, Bouchouareb said the current level of economic relations between Algeria and the UAE does not reflect real aspirations and available capacities. He presented available investment opportunities in Algeria, saying the amended Constitution offers an important place for economy. 

The Emirati minister said his country is interested in the Algerian market and is ready to boost bilateral economic relations.