U.S. Auto Industry To Be Negotiated In Algiers

Fifth session of the Algerian-American talks on foreign trade and investment will be held tomorrow, Sunday, in Algiers, in the presence of Algerian and US officials, where they will discuss the business climate file in Algeria, and the American investments that will flow into the national market.

Algerian-American  Ismail Sheikhoun to open negotiations with 40,000 businessmen in America to enter the Algerian market and inject their investments in local banks.

File of Algeria’s accession to the WTO will also return to the facade, as the chairman of the Algerian-American Business Council, Ismail Chikhoun, prepares to open negotiations with 40,000 businessmen in America to enter the Algerian market and pump their investments in local banks.

Ismail Chikhoun told Echorouk that the current oil crisis requires the contribution of Algerian businessmen in America, as most of them left homeland since 30 years ago, to bring back investments in the Algerian market and transfer their money.

“Most of them today are leading major American companies, and it is time to take advantage of them in light of the erosion of Algeria’s savings and the decline of its revenues, due to the oil crisis. An agency may be created for their investments in Algeria, or a coordinating cell to transfer their investments and part of their capitals”.

“Volume of trade between Algeria and America is equivalent to $ 6 billion, of which $ 2.7 billion represent Algerian imports from USA, and $3.3 billion are Algerian exports to America, while 140 American companies are active in Algeria, which is a significant number and the authorities of the two countries are seeking to revive it in the future, through entering the fields of tourism, food industry, health, pharmacy, agriculture and cattle breeding, and these fields were at the heart of negotiations since a long time. First farm for breeding cattle will be launched next May under an Algerian-American partnership for the production of milk, which is a basic product in the Algeria market”.

With regard to the car industry, Chikhoun explained that negotiations opened at this level between the factories and industrial brands from America, but the latter is currently in the stage of anticipation because of the fierce competition in the market, with the French rushing representatives in Renault and Peugeot and the Korean brand Hyundai and Germans via Volkswagen.

“There will be an American car factory in Algeria sure, but in the right time and circumstances.”

Embassy of Washington to Algeria, published a statement on the website of the National Agency for Promotion and Development of Investment “ANDI”, saying that Algeria and the United States will hold on April 24 in Algiers, the fifth session of the talks on the framework of the agreement on trade and investment, and the source explained that the American delegation will be headed by Daniel Moulani, Office Assistant for the US Representative for Trade in Europe and the Middle East.

It will be an opportunity to study several economic issues that are related to the business climate, Algeria’s accession to the World Trade Organization and the entry of US companies to the national market, and both parties will address investment in agriculture and pharmaceutical industry and means of boosting economic cooperation between the two countries, expressing satisfaction with the regularity of the talks on this agreement.