Economist calls on the Algerian PM to revise law on investments

Economy expert Abderrehamane Mebtoul revealed that Algeria cannot prevent foreign investors from transferring their profits abroad if the law on investment issued in 2001 and revised in 2006 by Abdelhamid Temmar is still in force.

• M. Mebtoul added that the Algerian authorities is unable to stop foreign companies, which opened branches in Algeria, from selling these branches or proceeding to mergers and takes over, and that the only means left for Algeria is to turn to stock market or buying shares in these companies.
• The expert called on the head of the government to revise this law with the view to stop the country’s resources haemorrhage, arguing that by 2010 the country’s importations bill will reach $ 40 billions while the foreign companies’ money transfer abroad will reach $ 10 billions.
• This number, according to the expert, will reach $ 80 billions by the year 2013 leading the country to bankruptcy if the GDP fails to reach $ 260 billions by this date.