Unleashing Algeria’s Investment Potential: A Forum in London Highlights Opportunities for Economic Partnership

✏️ BY: Dr. Hana Saada

Algiers, Algeria | September 29th, 2024 — In a compelling discourse at the Arab-British Chamber of Commerce, nearly one hundred representatives from diverse economic groups convened to explore the vast investment opportunities in Algeria. This roundtable, held last Thursday, served as a pivotal platform to emphasize Algeria’s burgeoning economic landscape, rapidly positioning itself as one of the most attractive markets in the region.

Algerian Ambassador to London, Nourredine Yazid, seized the opportunity to elucidate the nation’s economic potential, highlighting recent legislative advancements aimed at enhancing the investment climate. Citing data from the World Bank and the International Monetary Fund, he remarked, “The Algerian economy has experienced a renewed dynamism in recent years, strengthening and diversifying with a notable rise in non-hydrocarbon exports.” This transformation positions Algeria as a focal point for international investment.

Ambassador Yazid elaborated on the profound structural reforms instituted by the government under President Abdelmadjid Tebboune. These reforms aim to rectify economic imbalances through a series of measures designed to enhance the investment environment, promote foreign trade, encourage entrepreneurship, and adopt digitalization. He noted that Algeria has further opened its economy to foreign investments with the introduction of a new investment law in July 2022, followed by eight implementing texts in September 2022.

Central to the ambassador’s remarks was the transformative nature of this new legal framework, which dissolves previously stringent investment regulations, including the contentious 49-51% ownership rule. “This new legal framework represents one of the most advantageous and attractive environments that Algeria has ever experienced, affirming the freedom of investment and the principles of transparency and equal treatment for both national and foreign investors,” Yazid emphasized.

Ambassador Yazid painted a picture of Algeria as an appealing investment destination, showcasing its unique combination of comparative advantages for entrepreneurs. These advantages include proximity to markets, regional connectivity, the potential to serve as a logistics hub, geopolitical stability, abundant natural resources, varied climatic conditions, and access to new markets. The establishment of special economic zones further enhances the investment landscape. Additionally, the country boasts extensive and modern networks of electricity, natural gas, roads, railways, and ports, creating a conducive ecosystem for investment.

In discussing the strategic vision behind the new investment law, Ambassador Yazid identified key sectors prioritized for investment to reduce Algeria’s dependency on hydrocarbons and foster sustainable economic growth. “These essential sectors align with Algeria’s strategic objectives of economic diversification, job creation, and sustainable development,” he explained.

The growing interest from foreign investors reflects the effectiveness of Algeria’s strategy of openness and economic diversification, especially amid fierce international competition for attracting foreign direct investment (FDI). Notably, in 2023, Algeria secured approximately $1.21 billion in FDI, ranking first in the Maghreb region, as reported by UNCTAD in June 2024, marking a significant increase compared to previous years.

The Algerian Agency for Investment Promotion (AAPI) recorded 8,465 investment projects between November 1, 2022, and July 31, 2024, projected to generate 210,000 direct jobs by the end of this period. The ambassador highlighted several large-scale foreign investment projects in vital sectors such as energy, renewable energy, agriculture, agribusiness, industry, technology, and tourism, developed in partnership with countries including Turkey, Qatar, Italy, the United States, China, and Malaysia.

In conclusion, Ambassador Yazid assured British business leaders and investors of Algeria’s unwavering commitment to building a strong, dynamic, resilient, and diversified economy. He pledged to provide all necessary facilities to attract and promote British FDI in Algeria.

Following the ambassador’s presentation, a vibrant discussion ensued among attendees, predominantly comprising industry leaders and entrepreneurs. They voiced concerns hindering their enthusiasm for entering the Algerian market, particularly regarding visa issues, land acquisition, and the repatriation of dividends. Ambassador Yazid addressed these queries, dispelling apprehensions and clarifying misconceptions, thereby fostering a more nuanced understanding of Algeria’s investment landscape.

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