A delegation of American businessmen and CEOs concluded on Tuesday a three-day visit to Algeria, where they discussed with ministers the launching of projects in several sectors, in line with a new Investment Law that promised facilitations and incentives to foreign investors.
The visit reflects a revitalization in US-Algerian political relations, according to analysts.
It comes following a round of bilateral dialogue held at the military level in Algiers last month to address the threat of terrorism in the Sahel and during which Algeria had asked to buy US military equipment.
The delegation of 26 American businessmen is headed by chairman of the US-Algeria Business Council (USABC), David Wilhelms.
Wilhelms noted that members of the US delegation were “impressed by the changes that Algeria has experienced in recent years at the business and investment levels. They were encouraged to prepare for future projects in the North African country and to transfer technology and capital to Algeria, he said.
Meanwhile, President & CEO of the US-Algeria Business Council (USABC), Ismael Chikhoune, said that thanks to the new Investment Law passed recently by the Algerian government, American investors “have shown an interest, for the first time, in investing in Algeria.”
Another group of businessmen, active in the field of agriculture, will visit Algeria next month, Chikhoune revealed, adding that a delegation of Algerian economic operators will visit the US next March to explore investment opportunities.
Following a meeting with the US delegation on Monday, the head of the Algerian Investment Promotion Agency (AAPI), Omar Rekkache, said the financial and business climate in Algeria has seen remarkable development in recent years, through the strengthening of the legislative system for investment, the simplification of procedures related to the launch of projects, and the adoption of transparency in trade.
He stressed that the Agency had assured the US mission that it will provide them with all the favorable conditions for investment.
On Sunday, the US delegation also held talks with Minister of Pharmaceutical Industry, Ali Aoun, who said the current strategy of the industry sector aims to encourage projects that will create wealth and jobs in the country.
He also encouraged American businessmen to focus on investment in renewable energies, the production of spare parts and railways.
