Law on investment to enable car manufacturers to set up in Algeria.

The new law on investment will enable big car manufacturers to set up in Algeria “with a significant integration rate,” the Minister of Industry affirmed Sunday in Algiers.

The minister was speaking on the sidelines of an information day on the effective launch of the import regime of renovated production lines and the exemption of customs duties and value-added tax, components, and raw materials imported or acquired locally by subcontractors.

“We were in contact with many major car manufacturers, but there was no legislation,” said Zeghdar.

With the adoption of the new law on investment, large firms will come to manufacture cars, tractors, and buses with significant integration rates, he continued.

The draft new law on investment was adopted Thursday at a special meeting of the Council of Ministers, chaired by the President of the Republic, AbdelmadjidTebboune.

As for the new import regime of renovated production lines and the exemption of customs duties and value-added tax, components, and raw materials, imported or acquired locally by subcontractors, the minister called on investors and industrialists to seize “this opportunity”.

“The State will ensure its role of control under these two regimes through laboratories like the Algerian Accreditation Body (Algerac),” he said.

Zeghdar invited the operators who have lodged files to update them based on the new legislation.