Algeria gives priority to Arab investors

President of Algerian Chamber Al-Taher Qalil Kuwait - Arab Today President of the Algerian Chamber of Commerce and Industry Al-Taher Qalil on Monday invitaed Arab investors to come to do business in his country and take advantage of the facilities granted by his government to foreign investors. Speaking to Kuwait News Agency (KUNA) on the sidelines of his visit to the Chamber of Commerce and Industry of Kuwait heading an economic and commercial delegation, Qalil said the visit of the Algerian delegation is limited to Kuwait and aimed mainly to benefit from the experiences of the Kuwaiti private sector in the investment domain. He added that the Algerian government has amended legislation to attract foreign investors from all parts of the world, pointing out that Algeria gives priority to Arab investors in general and Kuwaitis in particular. He said a request was made for operating a direct air route between both countries' capitals stemming from the its importance in the development of economic and trade relations. He pointed out that Algeria is able to finance the foreign investors as the country does not lack capital, but needs the necessary expertise in the field of investment and economic projects in all sectors. On the volume of trade exchange between the two countries, Qalil said there was variation in the volume of trade exchange between Kuwait and Algeria over the past years, indicating that the exchange between the two countries amounted to about USD 72 in 2011 but soon dropped to USD 22 in 2012, and up in the first 10 months of the current year to about USD 26 million. On the facilities offered to foreign investors in Algeria, Qalil said that Algeria has allocated USD 286 billion to spend on infrastructure projects between 2010 until 2014, in addition to developingthe allocation of USD 200 billion as backup expenses to invest in infrastructure projects with the aim of building the right climate for foreign investors, in addition to providing large concessions to investors including tax and customs exemptions. Source: KUNA