Sellal's Ministers Have 60 Days To Promote Investment

The government started the promotion for the new investment law before it enters into force by next June, aiming to attract the largest possible number of foreign businessmen, to create institutions and companies in Algeria, that may bring some of the billions in public treasury, which is noticing a critical stage, after the decline in oil revenues.

Ministers of Sellal’s Government, each in his/her sector, launched promotional campaigns to invest in Algeria, and becomes a speech that is repeated in every field visits inside and outside the country.

Energy Ministry is trying to use the investment paper in alternative and renewable energies like the solar power, wind, and other energies, after the Cabinet approved on last May 24, the national program for renewable energies, at a time when the Ministry of Tourism is betting on the international symposium, which will be organized soon on tourism investment that will be held in El Oued, to coincide with the organization of the National Salon of Tourism, especially since most of the beaches are still “virgin”, and most of the coastal cities notice a lack of hotels and entertainment facilities, in contrast the Ministry of Health is calling for investment in the medical gear and the exploitation of the economic base 41/59.

The matter is not only limited to the ministers, but it exceeds it to the activation of the diplomatic machine, as consuls and ambassadors in their countries work to erase the bad image of investment in Algeria, in the forefront of the bureaucracy, and the instability of economic legislations, and uncertainty that characterize the Algerian market.

In this regard, the Algerian Embassy to Washington organized, on Wednesday, an information day about investment in the US Congress with the participation of businessmen and about 20 American companies that Algeria is trying to attract, in the forefront, “Anadarko”, “Halliburton” and “Boeing”, etc. 

The meeting aims to inform the American businessmen about the economic cabalities and investment opportunities in Algeria, and the various facilities that are offered by the new investment law in order to offer their services and products, and conclude business deals, given that the sectors that represent a priority for the American investments in Algeria, is the health, agriculture, transportation, technology, tourism, construction, and energy.

Information Day in Washington coincides with a visit that is led by the Prime Minister Abdelmalek Sellal to Moscow, to develop the economic relationships between the two countries, where Sellal praised the Russian businessmen and invited them to the necessity of activating the joint cooperation between the two countries, and exploit the Algerian government’s trend to diversify its economy and reach dependence from hydrocarbons.

All these moves come two months before the entry of the new investment law into effect, which is considered by the government as a wining card in front of the economic companies, given the encouragements that came out.

Will Sellal’s government succeed in promoting the business climate in Algeria and improve the investment image?