The investments registered at the Algerian Agency for Investment Promotion rose to 1,106 projects, with a total value estimated at 375 billion dinars, according to Omar Rakach, the agency’s director general.
In a meeting that brought together his foundation and the Algerian Economic Renewal Council, the agency’s general manager, Omar Rakkach, explained that the agency had registered, since the beginning of its activity until February 4, 1,106 investment projects that would create 29,000 jobs, noting that the number of projects registered on January 19 reached 852 investments.
Rakach indicated that the number of projects registered at the level of the single window for major projects and foreign investments is estimated at 35 projects, including 26 direct investment projects, including 15 projects in partnership with Algerians.
The spokesman highlighted that the Investment Development Agency has entrusted 9,539 projects in progress to the Algerian Agency for Investment Promotion, of which 347 have completed projects, pending their entry into exploitation.
According to the Director General, the investment portfolio of the National Investment Council includes 99 structural projects in the process of being completed, of which 28 are completed projects that have gradually entered into exploitation. Rakash also presented a number of investor concerns that they expressed at the agency level, especially with regard to economic real estate and building permits.
With regard to real estate, several investors discussed the possibility of reconverting the concession into a waiver upon reaching the specified deadline to ensure the continuity of the beneficiary investment project, with the need to clear industrial areas and prepare them to receive investment projects.
Investors’ complaints regarding the building permit revolved around the importance of reducing the deadlines between the period of granting the concession and obtaining a permit, and reducing the number of stakeholders to simplify the process of obtaining it.
It is noteworthy that the Algerian Agency for Investment Promotion, which is under the tutelage of the Prime Minister, replaced the National Agency for Investment Development, according to the new investment law that entered into force in July 2022.
The agency was assigned to carry out any work with public and private bodies in Algeria and abroad in order to promote investment in Algeria, establish and operate the digital platform for the investor and assess the investment climate, in addition to proposing measures to improve and provide all necessary information, especially those related to investment opportunities available in Algeria, as well as On real estate offers, incentives and investment-related benefits.
A one-stop shop for major projects and foreign investments has been established by the agency, in addition to decentralized one-stop shops.
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