New law on investment to attract local, foreign investments with regional dimension.
Minister of Industry Ahmed Zeghdar affirmed that the new bill on the investment will allow, once it comes into effect, attracting local and foreign investments with national and even regional dimensions in the next few years.
In a interview granted to the site “Aldjazair Al-An” (Algeria now), the minister said that the bill provides mainly for defining the missions and prerogatives of the National Investment Council in proposing the national investment policy and reorganizing the National Development and Investment Agency (ANDI) by changing its appellation to give it an Algerian character at the international level, to become the Algerian Agency for Investment Promotion and placing it under the authority of the Prime minister.
At the level of the agency, a single window will be created for big projects and foreign investments. Decentralized windows will be strengthened to become the only interlocutor of the investors at the local level and will help support and accompany the investors in the execution of their projects.
The new law provides for the digitization of the procedures related to the investment process, through the creation of a “digital platform for the investors” that will be run by the Algerian Investment Promotion Agency and which will enable providing all the necessary information to the investors, including the investment opportunities, the mechanisms in charge of investment and the advantages related to the investment.
It aims at restructuring the investment incentive systems and directing them towards priority sectors and towards the regions to which the State attaches a special interest or those with a particular importance for the national economy, while broadening the scope of guarantee of the transfer of invested money and its revenues to non-resident investors.