August 28th, 2024
The Algerian Investment Promotion Agency and the Wilaya of Constantine organized an Investment forum on Wednesday, August 28th, 2024, at the conference hall of the Wilaya, located in the Daksi district. The event was held under the slogan: “Constantine: A Promising Economic Hub with Multiple Investment Opportunities.”
The opening session was chaired by the Director General, Mr. Omar REKKACHE, and the Wali of Constantine, Mr. Abdelkhalek SAYOUDA, with the presence of the Walis of Oum El Bouaghi, Mila, Jijel, and Sétif, as well as directors general, managers of public and private enterprises, representatives from ministerial departments and state institutions, economic operators, professors, researchers, and experts.
In his opening speech, the Director General of the Agency emphasized the major importance the President of the Republic places on investment, convinced that building a strong and solid economy, creating wealth and jobs, contributing to social well-being, and strengthening state sovereignty will only be achieved by improving the investment climate, unleashing initiative, and providing all the working conditions necessary for the success of this process, which fundamentally revolves around enterprises, especially those in the private sector.
In this context, the Director General presented statistics showing the progress made by the Agency in promoting investment and supporting investors. He noted that the Agency’s services registered 8,920 investment projects from November 1st, 2022, to August 22nd, 2024, with a declared investment amount of approximately 4,000 billion dinars. He added that, according to the projects holders commitments, around 220,000 direct jobs are expected to be created, not including major projects that have already been formalized through signed agreements such as the “Baladna” project, the Algerian-Qatari-German hospital, the partnership project with the Italian group BF, and hundreds of other projects currently under negotiation for final registration.
He affirmed that this is a strong indicator that we are on the right track and at the beginning of a new era based on the trust of economic operators, whose involvement in this development process positively influences the image of investment in our country.
In this regard, he mentioned the registration of 165 investment projects involving foreigners, including 61 direct investments and 104 in partnership with local operators.
The Director General also highlighted the support provided to ongoing and pending investments, assuring that the Agency has granted, from November 1st, 2022, to August 22nd, 2024, 1,533 extensions of deadlines specified in the advantages granting decisions, to help these projects move towards operational status, given that most projects are in the final stages of completion.
Moreover, the Director General emphasized the Agency’s determination to move forward with the following objectives:
- Continue improving the performance of the Agency’s staff and modernizing work tools;
- Digitize and simplify procedures;
- Strengthen communication channels, listen to investors, and address their concerns;
- Enhance the economic land offer portfolio;
- Demonstrate transparency and combat all forms of bureaucracy, nepotism, and corruption;
- Support investments that are viable for the national economy.
The forum also included a discussion session where numerous concerns and questions from investors were addressed, with solutions provided by the Director General.
At the end of the meeting, final concession granting decisions were distributed to investors from the Wilayas of Constantine and Mila, covering sectors such as pharmaceutical production, water pump manufacturing, seafood and crustacean canning.
