The New Algerian Investment Law Whets The appetite Of American Companies
The US Ambassador to Algeria has expressed her hope that the trade exchange between the two countries will double this year, compared to more than 3 billion last year, at a time when American companies have expressed their desire to come to Algeria and invest within the framework of the new regulatory text, which has been well received by many of them.
During the inauguration ceremony of the American Chamber of Commerce in Algeria and a presentation of the measures and procedures introduced by the finance law for the current year, held on Monday at the Holiday Inn Hotel in Cheraga in upper Algiers, Her Excellency US Ambassador Elizabeth Moore Aubin said that the efforts of the American-Algerian Chamber of Commerce will double the exchanges between the two countries.
The American diplomat stressed that there are many opportunities for her country’s companies in Algeria, such as transport, communications, agriculture, energy and infrastructure, explaining that the Chamber of Commerce is exploring various opportunities on the Algerian market.
On the other hand, Ambassador Elizabeth Moore Open revealed that the United States was the first foreign direct investor in Algeria in 2023, without providing additional details on the value of these investments and the sectors in which American companies invested.
For his part, Khaled Bennoamane, a member of the executive committee of the American Chamber of Commerce in Algeria, said that the aim of reviving the chamber is to give it a new breath and impetus and to consolidate bilateral relations between Algeria and the United States, in addition to promoting investment in Algeria within the framework of partnerships and seeking to benefit from the prevailing economic environment in America.
In a statement to the press on the sidelines of the meeting, Mr. Bennoamane said that President Abdelmadjid Tebboune’s assurances regarding the investment law, which will be stable for a period of 10 years, and the rapid publication of the applied texts immediately after the publication of the law, have been well received by American investors seeking to invest abroad, as well as by financial institutions and international organisations such as the International Monetary Fund and the World Bank. “These are strong signals to foreign investors,” he commented.
Benoamane explained that preparations are underway to organise a study day on the new Algerian investment law, which will focus on what Algerian and American companies can do together in the framework of partnerships, especially since many American investors have expressed their desire to come to Algeria in 2023 in various sectors such as oil, gas, renewable energies, modern technologies, the pharmaceutical industry, agriculture and others.
According to the latter, Algeria continues to export gas and oil derivatives to America, explaining that the aim is to enable local companies to establish partnerships with their American counterparts and benefit from the economic environment available in this country.
The primary mission of the American Chamber of Commerce in Algeria is to increase trade and investment opportunities between the two countries and to serve as a platform for the American business community to connect, grow and strengthen relationships.