Over 6.500 French Companies Wish To Invest In Algeria

Over 6,500 French companies express their wish to enter the Algerian market, which is almost the same number of companies that are investing in Morocco, Head of the Algerian Chamber of Commerce and Industry in Paris, Kassi Ait Yaala, told Echorouk.

“This file will be opened during the visit of the French Prime Minister, Bernard Cazneuve, to Algeria. Majority of these companies invest in the mechanical, cement, food, medicine and solar industries, at a time when Algeria is now looking to diversify its economy by catching partners of multiple nationalities, and not just the traditional partner, which is France”.

“Over 25 French economic institutions knocked through Algeria’s Chamber of Commerce doors in Paris, and most of them are interested in solar energy and the pharmaceutical industry. The latter would sign partnership agreements with local dealers in the national market this year, but the file is postponed currently because Algeria’s preoccupation with the legislative elections and France Presidential Elections as well”.

“Heads of the executive bodies of both Algeria and France will meet for the last time in the two current governments to evaluate the Algerian-French partnership since François Hollande’s visit to Algeria in December 2012, which culminated in the past five years with important agreements and factories for the production of cement, mechanical industry, transportation. There are 500 French companies in Algeria that employ 45.000 Algerians directly, and create 150.000 indirect jobs, describing the economic relationships between Algeria and France under the term of the current French President Hollande as excellent”.

“Peugeot file is absent from the agreements that will be signed during the visit of Cazeneuve until now, but there will be the signing of the factory’s partnership formally in subsequent visits, although the file may be addressed to preview the progress of negotiations between the two parties, because the agreement was already postponed during a visit of the former French Prime Minister, Manuel Valls, in April 2016”.

“Chamber of commerce and industry, and even the forum of heads of institutions, will lead in the coming days a large delegation of Algerian businessmen to Canada, to look for investors there, of Algerian origin and convince them to pump their money in important investment projects in the homeland, and the visits will not include only Canada, but also the United States of America and Belgium in the next phase”.

“Current economic situation in Algeria is forced to seek to diversify its economy and diversify its partnerships and not only the traditional partner France, and seek help from the children of the community abroad and encourage them to pump their investments in their homeland through providing them with the necessary guarantees and incentives”.