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Message addressed to US Corporate executives by H.E Abdallah Baali |
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Message addressed to US Corporate executives
by H.E Abdallah Baali,
Ambassador of Algeria to the United States٭٭٭٭٭٭٭
Dear business and corporate executives:
I am particularly pleased to announce that the Algerian Embassy in Washington and the US-Algeria Business Council (USABC) will be conducting an investment and trade trip in Algeria from February 21 – 27, 2009. This event is a great occasion for US firms to explore new business opportunities or expand existing ones. It will also allow the Algerian and US business companies to develop a new vision for cooperation between our two countries and will enable US firms to take advantage of the immense opportunities offered by the Algerian market and develop them in a manner beneficial to both countries.
In this regard, I invite you to take part in this important event which will give you the opportunity to meet the economic policy makers of my country as well as our business leaders from both public and private sectors and to take advantage of the Algerian market by concluding mutually beneficial investment and partnership agreements with your Algerian counterparts.
As you know, Algeria has invested heavily in 2001-2004 to improve business environment and launched an ambitious Complementary Growth Support Plan (2005-2009) to enhance living conditions, upgrade the country’s infrastructure and undertake balanced regional development. Furthermore, another new five-year plan for economic recovery (2009-2014) for an amount of more than $100 billion will be launched soon.
Many areas of the national economy are worth looking into, such as renewable energy, infrastructure, agriculture, transportation, water resources, IT, agribusiness, financial services and the tourism sector.
At the institutional level, all the required facilities have been put in place. Additionally, the 2001 Investment Code, which was aimed to assure investment development, offering tremendous benefits to investors and introducing necessary instruments for an investment promotion policy, the Government has taken fiscal and parafiscal measures granting large reductions or exonerations (reduced rate of custom duty for equipment imported in the course of the investment process, exoneration of tax on annual profits, tax on an overall income and VAT on goods and services).
In short, today all conditions exist for a profitable investment by US operators, which would greatly enhance the already significant bilateral cooperation that binds Algeria and the United States. My country remains the first trading partner of the United States in the Maghreb and the second in the Arab World and Africa ($ 20 billions in 2007 and around $ 22 billion in 2008).
Last but not least, with our bilateral economic cooperation continuing to be focused on hydrocarbon products, we look forward to greater involvement in Algeria by US firms in sectors outside of hydrocarbons. An increased US participation in the Algerian market would help diversify cooperation between our two countries and develop through joint-ventures with Algerian firms, new synergies and complementarities in all potential areas of cooperation with Algerian firms.
Thank you.
Abdallah Baali
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