Bouchouareb: “No extended deadline for car dealers and factories will be ready in early 2017”

The Minister of Industry and Mines, Abdeslam Bouchouareb, said Wednesday in Algiers that early 2017 deadline set for the Algeria-based car dealers to create an industrial activity will not be extended by virtue of the law.

The Finance Act 2014 requires from the car dealers to create an industrial activity and allotted them a period of three years for this purpose. So, the deadline won’t be extended,” insisted the minister while answering the press on a possible extension of deadlines.

“I cannot break the law,” emphasized the minister who was speaking on the sidelines of the presentation of the Bill on Investment at the Council of the Nation or Upper House of Parliament.

The Article 52 of the 2014 Finance Act stipulates that “the automobile dealers are required within a maximum period of three years from the date of publication of the latter, to create an industrial and/or semi-industrial activity or any other activity linked to the car manufacturing sector.”

Car Dealers which won’t carry out their imposed investment on time will have their approvals withdrawn, he hammered.

As a recall, Prime Minister Abdelmalek Sellal had during his last visit to Tiaret, reminded domestic and foreign car dealers active in Algeria of the imperious need to strictly comply with this provision of the Finance Act.

 The Minister of Industry wrote on June 29 to automobile dealers reminding them of the obligation to comply with the provisions of Article 52 of the 2014 finance law before the expiry of three years.

On another question on the whys and wherefores of the financing of the Ain Kebira cement extension project, which is part of the industrial Algeria cements group (IPAC), following the fall in the sale of its shares in the Stock Market of Algiers, Mr Bouchouareb who ruled out the word failure caused by the lack of enthusiasm for the factory shares, said simply that the group will duly invest in this major project.