The President of the Republic, Abdelmadjid Tebboune, affirmed that everyone is certain that investing in Algeria is profitable and not an adventure, and revealed the existence of confusion over the Trans-Saharan Gas Pipeline project linking Algeria, Niger and Nigeria, for which studies have been completed.
President Tebboune said, during the periodic media meeting with representatives of the national press, broadcast last night, Thursday, that investing in Algeria is a safe investment thanks to the possibility of transferring profits and reserves that the country enjoys and the availability of wealth, adding that Algeria provides all guarantees to attract foreign investment in various sectors, and will witness The coming period will witness the embodiment of many investment projects, as he stressed that work is underway with countries investing in Algeria, such as Qatar and Turkey, to continue and enhance their investments, pointing out that it was agreed with Turkey to increase its investments to 10 billion dollars, while the “door remains open” for other countries to invest. In Algeria, especially after the issuance of the new investment law, which enshrines a win-win principle and embodies mutual benefit “far from every ideology.”
The president revealed that foreign companies flocked to invest in Algeria after the entry into force of this law, adding that several American companies have expressed their desire to invest in agriculture, industry and others, which makes “future prospects positive.
Regarding the car manufacturing file, the President of the Republic affirmed the Algerian side’s determination, in partnership with the Italian “Stellantis” group, owner of the “Fiat” brand, to reach, two years after the launch of the partnership, an integration rate of 30 to 40 percent, citing the national capabilities in the field of mechanical manufacturing and the locomotive represented by the industrial units. A subsidiary of the People’s National Army in the mechanical industry in Algeria manufactures engines and many spare parts for heavy weight vehicles and tractors.
The President returned to the detailed clarification regarding Algeria’s endeavor within the framework of reviving a real automobile industry, which is represented in merging Algerian companies in the framework of subcontracting with the Italian partner to manufacture many components, indicating that the goal is not only to manufacture tourist cars, but to pass to the manufacture of other items such as tractors and trucks.
On the other hand, the president announced that the draft amendment to the loan and cash law has completed part of the review and will be studied in the next cabinet. Stressing work on absorbing cash liquidity from the parallel market and pumping it into banks through special mechanisms and guarantees for its owners.
We are ready to export surplus electricity to Europe
The President of the Republic, Abdelmadjid Tebboune, affirmed Algeria’s readiness to export its surplus production of electricity to Europe, in light of the energy crisis it is experiencing, which has prompted some European countries to cut off the electricity supply to its population at specific periods, within the framework of energy austerity measures, which constitutes an opportunity to strengthen Algeria’s exports are in the field of energy, as Algeria proposed to some friendly countries the construction of an electric line (cable) linking Algeria to Europe at the closest point to Italy, at a distance of 270 km, which is a “not far” distance. Algeria has Algeria’s capabilities in the field of energy generation. Electricity, as well as the existence of a local industry of gas turbines. And the president emphasized by saying, “All possibilities are available to supply energy from Algeria. Even countries that do not have a gas pipeline can supply electricity directly.”
Regarding gas, President Tebboune stressed the necessity of doubling the discoveries in this field in order to raise the volume of exports from about 53 billion cubic meters currently to nearly 100 billion cubic meters. And he considered that the increase in gas discoveries is more than necessary in light of the high level of domestic consumption, as Algeria has become, thanks to the level of development it has reached, one of the largest African gas consuming countries. The president went on to say that Algeria had committed itself with the Italian partner to raise natural gas exports to the level of 30/35 billion cubic meters, pointing to the existence of a project to complete a second gas pipeline, given that the current pipeline linking the two countries “has almost reached its maximum capacity.”
As for the trans-Saharan gas pipeline, the president affirmed that Algeria is in agreement with the State of Niger to undertake the completion of the section linking the pipeline from Nigeria to the Algerian border, while this important project is being “disturbed.”
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