Algeria is seeing a surge of interest from foreign investors, particularly from Asia, with discussions underway for investments in metal industries, mainly iron and steel, and aluminum, a local newspaper said.

Elbilad quoted Omar Rakash, Director General of Algerian Agency for Investment Promotion (AAIP) as saying that discussions are underway for $6 billion of investments in a single project but didn’t elaborate.

Speaking at a joint conference with a European Union (EU) delegation in Algeria, he said over 100 foreign companies have expressed interest in investing across various sectors in Algeria. These include EU companies, looking at opportunities in manufacturing, food production, renewable energy, and the circular economy.

Rakash said the agency has facilitated 123 foreign-origin projects in the country since its inception in November 2022 including 44 foreign direct investment (FDI) projects and 79 partnership projects.

(Writing by Majda Muhsen; Editing by Anoop Menon)


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