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Algeria has decided to deal with foreign investors as partners on a “win-win” basis within a new economic approach approved by the government recently.
The press in the North African OPEC nation, which is locked in a drive to attract capital to diversify the hydrocarbon-reliant economy, said on Sunday the new strategy coincides with escalating global trade tensions following US President Donald Trump to impose customs tariffs on many countries, particularly China.
Algerian President Abdelmadjid Tebboune met local business leaders in the capital Algiers on Sunday to explain the new economic principles which give priority to domestic production and attracting investment to industrial projects.
“The meeting with private sector representatives is intended to explain the new principles and put the economic house in order….this is part of a new economic approach which gives priority to domestic production and partnership with foreign investors on the basis of equality and win-win principle,” the Arabic language daily Elkhabar said, quoting a statement by the President’s office.
“The meeting was held under the title 'The Year of Economic Success'…it coincides with developments in international economic relations that are reshaping the global balance of power…This calls for reflection and emphasizes the importance of proactive steps taken to protect national economic sovereignty, as it is an essential component of the country's political sovereignty.”
Head of Algeria’s Economic Renewal Council Kamal Mawla said the new strategy is in response to “global trade turbulences” and would focus on attracting foreign capital.
“This strategy includes offering incentives to foreign investors within established regulatory frameworks, particularly the new Investment Law, and removing numerous administrative and bureaucratic obstacles,” he said.
In 2022, Algeria began enforcing a new law to attract foreign direct investment as per IMF recommendations and it included the creation of an investment promotion agency.
The Agency said in a report last week it has registered 12,843 projects until March 2025 with a total value of around 5.776 billion Algerian dinars ($43.5 billion).
Foreigners pumped nearly DZD1.189 billion ($8.9 billion) into 235 large industrial projects during the period between November 2022 and last month, it said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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