US companies seek to invest in out of hydrocarbons sector in Algeria
US companies are showing increasing interest in investment in a number of sectors out of hydrocarbons in Algeria, vice-president of the US Chamber of Commerce Karim Hosni said Tuesday.
- “A large number of US companies are seeking to invest in Algeria in renewable energies, heavy industries, agriculture and fishing,” Karim Hosni told a conference in Algiers.
- “American investors are also interested in agriculture and fishing as the Algerian agricultural lands are large and close to the European markets,” he added.
- He also said although there are about 100 US companies operating in Algeria, they do not invest in food industries. “Many issues are still hindering the US companies such as language problem and the instability of the Algerian legislation.”
- “Many US companies want to develop a partnership in renewable energy due to its importance in creating new jobs and Algeria’s huge solar energy.”
- The US investments in Algeria are estimated at $5 billion. They are limited in hydrocarbons only.
- Speaking about the Complementary Finance Act 2009, the vice-president of the US Chamber of Commerce said the US has investments in 200 countries and in various sectors. “Each country has its own laws to protect its economy and this is not a hindrance.”
- He also said American companies develop its product and start looking for a partner. “Because of that, we want the Article No 51-49 to be changed to increase the number of US companies in Algeria.”
- American companies want to work with 3 to 10-year-investment plans. “Because of that, there is a need to understand well legislations and have a clear vision about investment in the future.”
- A meeting is expected to be held in May in Algeria to help Algerian companies in exporting products out of hydrocarbons to the US.
- In 2010, the US was Algeria’s first largest client with about $13.7 billion and its sixth largest supplier with more than $2.1 billion, according to figures from the Algerian customs.