Latest news with #Elkhabar
Zawya
18-04-2025
- Business
- Zawya
Algeria opts for 'win-win' deals with foreign investors
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)
Zawya
17-04-2025
- Automotive
- Zawya
APTIV to build car cables plant in Algeria
APTIV Company is planning to build a car cables plant in Algeria following an agreement with the Industry Ministry, Algerian press said on Thursday. Representatives from the US-Irish automotive technology supplier headquartered in Switzerland met officials in Algiers on Wednesday to discuss the project. The Arabic language daily Elkhabar said the project would produce electrical cables for vehicles as a joint venture with an Algerian company. The project is intended to slash imports and achieve self-sufficiency in automotive cables to supply the mushrooming car manufacturing firms in Algeria, the paper said, quoting Industry Ministry officials. Algeria has lured in several global car makers as part of a drive to attract investment in the industrial sector and boost exports. Earlier this year, APTIV had opened a production facility in Morocco at a cost of around 450 million Moroccan dirhams ($45 million). (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
18-02-2025
- Business
- Zawya
Algeria reports $6.6bln new projects
Algeria has approved 743 projects worth around 889 billion dinars ($6.6 billion) since the start of 2025, an investment official has said. The Algerian Investment Promotion Agency (AIPA) awarded licences for the projects, which include 11 foreign and joint ventures, its Director Omar Rakash said. He told the Algerian daily Elkhabar that these projects are expected to stimulate growth and generate nearly 21,900 jobs. One project involve joint investments by Algerian and Omani businessmen associated with the South Korean Hyundai auto giant, he said without giving further details. 'The surge in investment this year complements growth over the past three years due to an improvement in the investment and business environment in Algeria,' he added. (Writing by Nadim Kawach; Editing by Anoop Menon)
