Prime Minister: Turkey, Algeria’s Largest Foreign Investor
BY: Hana Saada
ALGIERS- Prime Minister Mohamed Nadir Larbaoui stated that the forum’s slogan, “For a productive and sustainable economic partnership,” truly reflects the strong ambition shared by President Tebboune and his Turkish counterpart. The aim is to establish a strategic bilateral partnership directed towards attracting investments and enhancing trade exchanges.
Mohamed Nadir Larbaoui, speaking on Tuesday at the opening of the Algerian-Turkish Economic Forum, emphasized that the cooperation between Algeria and Turkey has witnessed a qualitative leap in recent years, especially after mutual presidential visits that yielded significant results and valuable recommendations to boost political dialogue and economic cooperation between the two countries.
He added, “The current relationship between the two countries is strengthening and holds a prestigious position, evident in the signing of numerous agreements covering promising areas and sectors for bilateral cooperation.”
Larbaoui praised the level of economic cooperation between the two nations, highlighting Algeria as Turkey’s second-largest trading partner in Africa, with trade exchanges exceeding $5 billion. Algeria remains the primary destination for Turkish direct foreign investments on the continent, and Turkey ranks among the largest foreign investors outside the hydrocarbon sector in Algeria.
The significant potential and favorable opportunities between the two nations constitute a qualitative factor to enhance balanced and mutually beneficial bilateral trade partnerships. It reflects the shared goal set by the leaders of both countries to achieve trade exchanges valued at $10 billion in the medium term.
In another context, the Prime Minister discussed the Investment Law enacted in July 2022, describing it as a comprehensive legal system that ensures investment freedom and equality between local and foreign investors. The law guarantees their accompaniment in project implementation, provides necessary incentives, protects their investments, and ensures their right to transfer invested capital and returns.
Larbaoui highlighted the stability principle of the new law, which remains unaffected by any changes for at least 10 years. The law also enhances transparency standards and digitizes procedures related to investment activities. It introduces a national window dedicated to major projects and foreign investments, along with various facilitations to provide targeted real estate for investment projects in various fields.
