New bill on investment: Substantial amendments to promote deregulation

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DUBAI- Prime Minister, Minister of Finance, Aimene Benabderrahmane said, in statements to the press broadcast Monday, that the new law on investment has been subject to substantial amendments to promote deregulation.

In a statement to the TV channel “Sky News Arabia” on the sidelines the celebration of the National Day of Algeria at the Expo 2020 Dubai, Benabderrahmane said that “the investment law is one of the key components of structural and deep reforms that are being implemented.”

This reform is part of an “integrated approach to economy and development, launched by the President of the Republic”, added the PM.

Such an approach has allowed a revision of the investment law by introducing substantial amendments allowing investment in all areas, including tourism, renewable energy, mining and agriculture, and thus give access to all those wishing to enter the Algerian market, he said.

The 49/51% rule, which represented a barrier to investment, had also been removed, he added.

Consequently, “the adopted approach, in terms of investment, will only be subject to the win-win principle, and thus to give national economy a new impetus and free the country from dependence on hydrocarbons.”

In response to a question on Algerian-Emirati relations, Benabderrahmane said that they have always been unique, noting in this regard some limitations in terms of coordination.

“We hope that the Coordination Council will meet soon to boost bilateral relations,” he said, calling for the need to adopt a “new approach” to these relations.

APS

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