The African Export-Import Bank (Afreximbank) and the Algerian Investment Promotion Agency (AAPI) joined forces for a successful Algeria Investment Forum, “Focus Algeria,” held in Algiers on June 25th and 26th, 2024. The forum aimed to ignite investment opportunities in Algeria for businesses across Africa.
The event brought together key players in the Algerian economy, including government officials, industry leaders, and financial experts. Participants actively discussed challenges faced by African investors, such as market access, financing, and risk management.
A significant announcement came from Omar Rekkache, Director General of AAPI. He unveiled a brand new investment law designed to streamline the system for foreign partners, especially those from other African nations. This law promises to simplify procedures and provide support for businesses transitioning from production to exporting goods.
Mr. Rekkache further revealed that Algeria had granted definitive economic land concessions to 72 investors, demonstrating their commitment to a smoother investment process. Additionally, he highlighted several infrastructure projects aimed at connecting Algeria with other African countries. Afreximbank is prioritizing financing for these initiatives, ultimately facilitating Algerian exports across the continent.
“Algeria sees itself as the gateway to Africa,” declared Mr. Rekkache, “and intends to fully embrace its role as an economic power at the service of the continent.”
Ayman El-Zoghby, Acting Director of Trade, Investment, and Corporate Finance at Afreximbank, applauded the forum’s success in fostering investment opportunities between Algeria and other African countries. He praised the event for facilitating communication, collaboration, and the formation of strategic partnerships.
Mr. El-Zoghby commended Algeria’s dedication to boosting regional integration. This commitment includes initiatives like simplifying the process for Algerian banks to operate in other African nations, ultimately supporting Algerian investors.
The forum yielded impressive results, with business deals valued at US$590 million finalized. Additionally, the Confederation of Algerian Industrialists and Producers, with Afreximbank’s backing, decided to send an export mission to either Cote d’Ivoire or Senegal to showcase Algerian products. Furthermore, the establishment of an Algeria-Mali Business Council was announced.
