Algeria-UK: Brexit, opportunity to boost economic relations

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The withdrawal of the United Kingdom from the European Union (EU) is an “opportunity” for this country to raise its commercial relations and investments with Algeria to a highest level, said Thursday, in Algiers, the British Trade Commissioner for Africa Emma Wade-Smith.  

Asked during a press briefing on the sidelines of her working visit to Algiers, on the possibility of a tremor of trade between the United Kingdom and Algeria in favor of Brexit, Ms. Wade-Smith replied: ” This is exactly why I am here this week “while explaining that” the exit of the EU is only an opportunity that allows us to think about setting up a better framework to increase exchanges with the different countries, including Algeria “.

For her, the current volume of trade between the two countries, estimated at 2 billion British pounds, is not enough and does not reflect the ambitions of both parties nor the existing opportunities for partnership. “2 billion pounds, it may seem like a lot, but in my opinion, it’s not much for a country  as Algeria (..) I think we can do better,” said the British official .

Wade-Smith said that the partnership is the “key way” to develop economic relations between the two countries, seizing the “important” opportunities that Algeria offers.

Regarding the 51/49% law governing foreign investment in Algeria, the British commissioner assured that this rule does not constitute an obstacle for entrepreneurs in her country.

“Algeria is not alone in adopting such a measure, many countries in Africa have similar laws, but that can not stop the willingness of UK companies to invest in Africa.” Our stock of investment in Africa exceeds the 45 billion pounds.

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