2023-08-20 13:24:35
ALGIERS – The Algerian Investment Promotion Agency (AAPI) is preparing to launch the “Partnership Stock Exchange” via its digital platform to facilitate contacts between Algerian and foreign investors and enable them to carry out joint projects, said announced the Director General (DG) of the Agency, Omar Rekkache.
This “ambitious” project is intended as a mechanism for local and foreign investors to express their interest in partnership projects, Mr. Rekkache told APS, specifying that the Agency will be the link between the two parties. to facilitate the realization of the agreed projects.
This Exchange will have the effect of “creating momentum” in the field of investment, since it will facilitate contacts between investors, according to the same official, who affirmed that the Agency will promote successful investment experiences in the framework of the “Partnership Grant”.
Concerning the date of the launch of this service, the DG of the AAPI indicated that it will take place after the promulgation of the law fixing the conditions and methods of granting economic land falling within the private domain of the State and intended for the realization of investment projects.
He added that efforts to develop the digital platform continued to include all investment-related services.
In addition to the launch of the “Partnership Exchange”, a service to consult economic land offers and submit requests via the Agency’s platform will also be opened, after the promulgation of the law on economic land.
Thanks to the improvements that will be made to the digital platform and to the exchange of information with the Customs services and the General Directorate of Taxation (DGI), “the AAPI will in the future be able to identify, in real time, the projects that are beginning to receive the benefits, as well as their rate of progress and the actual number of jobs created,” according to the official.
Furthermore, Mr. Rekkache recalled that the protocol signed between the AAPI and the DGI, last June, had facilitated the exchange of information between the two parties under the control of tax advantages, adding that “contacts are in courses with the customs services with a view to activating the interoperability of information systems, the same for the Ministry of
Labour, Employment and Social Security”.
Furthermore, Mr. Rekkache highlighted the role of economic diplomacy, which has attracted a lot of foreign investment in Algeria.
“The Algerian embassies have multiplied the steps to make known the investment opportunities in Algeria as well as the advantages offered by the new Investment Code”, he argued.
Welcoming the role of Algerians in the diaspora in favor of investment in Algeria, in particular by establishing partnership projects with foreigners or by proposing foreign investors to the Agency, Mr. Rekkache said that the average of the projects of he investment registered with the Agency should reach 1000 projects/month after the promulgation of the law relating to economic land, against 350 projects currently.
“Several large companies have shown interest in investing in Algeria and are awaiting the entry into force of the law on economic land,” he said.
— 10,000 projects by early 2024 —
Between November 2022 (launch of AAP activity) and July 31, 2023, the number of projects registered at the level of decentralized one-stop shops and the one-stop shop for major projects and foreign investments reached a total of 3,120 projects, with a value exceeding 1.731 billion dinars. Some 10,000 projects should be registered by early 2024 under the economic land law.
The report shows 3,054 projects (97.8%) from local investors, for a value of 896 billion dinars, which should create more than 70,000 jobs.
Among these local projects, there are 17 investments in “megaprojects”, according to the same report.
The Agency recorded 66 other projects, including 41 projects under the local-foreign partnership and 25 direct foreign projects, for a total value of more than 834 billion dinars, which should generate nearly 9,000 jobs.
Turkey (25 projects) and China (11 projects) lead in terms of registered foreign investment from five continents.
Nearly 100 foreign companies have also expressed to the Agency their desire to invest in Algeria, including large international companies, he said.
As for the most attractive sectors, the Industry sector comes first with 1,595 projects, or 51% of the total volume of projects registered with the Agency, for a value of more than 1,330 billion dinars, ahead of generate nearly 50,000 jobs.
The Building, Public Works and Hydraulics sector comes in second place with a total of 462 projects, followed by the Transport (455 projects), Agriculture (198 projects), Services (192 projects), Tourism (124) and Health (94 projects).
As for the distribution of registered projects, through the different regions, he cited 1,612 projects registered in the north, which should create more than 48,000 jobs, 927 projects in the Hauts Plateaux region, which should generate more than 22,500 jobs and 581 projects in the south, to create nearly 9,000 jobs.
In addition, 600 investment projects benefited from an exceptional extension of the deadlines for benefiting from the advantages under the implementation phase, as part of an approach requiring the investor to justify the delay in the realization of the project, before a field visit by the specialized committee to see the progress of the project, said Mr. Rekkache.
This approach, where the investor undertakes to complete his project within the limit of the extension period granted, has made it possible to concretize several projects, said the CEO of AAPI.
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