Algerian cabinet discusses ways to improve business climate
led by Tebboune to discuss investment law today
Sunday – 7 Shawwal 1443 AH – 08 May 2022 AD Issue No. [
President Abdelmadjid Tebboune (Reuters)
Algeria: “Middle East”
The Presidency of the Algerian Republic announced yesterday that President Abdelmadjid Tebboune will chair a meeting of the Council of Ministers today (Sunday).
The Minister of Industry, Ahmed Zghdar, said that the Council of Ministers would today discuss the new investment law, which he said would allow to improve the business climate and facilitate investment, especially by simplifying administrative procedures.
The Minister of Industry’s remarks came in a speech he delivered on the occasion of the 26th Energy Day, where he pointed out that the transformations that the world is witnessing in the field of energy have a tendency to invest in hydrogen, in which Algeria has great potential, enforce. He stressed that “in view of the changes in the global energy landscape, Algeria is now expected to pay more attention to investments in the exploitation of the potential in which it is abundant, including green hydrogen.”
In this context, Minister Zghidar should develop a short- and long-term action plan, in coordination with specialized companies and various role players, including civil society, with the aim of stimulating investment in new energies and related industrial people, and note notes that “collective work is needed to achieve a successful energy transition. And given that the country has all the ingredients for hydrogen development, which will enable it to become a global energy player, and it will help achieve goals in the field of energy transition and the reduction of climate change.The development of hydrogen will also, according to the Algerian official, the growth of various branches of industries such as the ammonia industry, fertilizers, industrial textiles, industrial chemistry and electronics promotion.
Zaghdar also called on Algerian investors to establish partnerships with leading countries’ traders in the field of energy transition and energy efficiency, in particular to guarantee them the transfer of modern technology in this field. According to the Minister, these efforts will be accompanied by the development of legal and regulatory frameworks to stimulate investment, research and development in areas related to the energy transition. On the other hand, an Algerian online newspaper reported that 30 businessmen and foundation managers were banned from leaving the country, claiming that they were under suspicion of security investigations. Corruption, or judicial oversight measures had been taken against them. Note that since the resignation of the late President Abdelaziz Bouteflika on April 2, 2019, the authorities have captured and tried many financiers associated with the family of the former president.
The French-speaking “Magrab Emergent” confirmed that the sanctions against what he called “the most important oligarchs from the rule of the Bouteflika brothers” prevented the return of business to its previous pace.
The digital platform “Magrab Emergent”, which includes a radio broadcast on the internet, added that the businessmen concerned “prefer to maintain the confidentiality of their affairs because they are convinced that their problems will be addressed soon. On this basis, they see no reason to worry about their partners and clients abroad. ” It quoted some of them as saying that dealing with this issue “will not serve the business climate in the country.”
It is noteworthy that the director of “Magrab Emergent”, the journalist Ehsan Al-Qadi himself, has been under judicial supervision for two months, due to his accusation that he “praises terrorism”, a charge he rejects. In addition, thousands of workers and employees were referred to unemployment after the closure of dozens of companies owned by businessmen after their imprisonment.
The travel ban decisions include many executives in public economic groups, specializing in public works and construction, the pharmaceutical and electronic equipment industry, tourism and financial services, based on investigations into suspected corruption in management, and the transfer of public funds abroad.
Since Bouteflika stepped down under pressure from the movement, the authorities have captured dozens of dignitaries and businessmen who have been imprisoned with Said Bouteflika, the president’s brother and former special adviser (he is currently in jail).
President Abdelmadjid Tebboune promised in a “presidential” campaign in 2019 to get back the “robbed” funds, which were transferred abroad, according to investigations. He later said that “most of the European Union countries have expressed their willingness to help recover the smuggled funds”, during the Bouteflika era (1999-2019). However, there is no official figure on the size of these funds, while Abdel Qader bin Quraina, head of the Islamic National Construction Movement, who is co-sponsoring the government with a minister, told the media it exceeded $ 100 billion.
Last September, the government of Prime Minister Ayman bin Abdul Rahman in his “plan of action”, which it submitted to Parliament for approval, proposed a “friendly settlement” with imprisoned businessmen and government officials, “to get the embezzled funds back. , “and spoke of” the adoption of a method of settlement. ” ‘, without explaining it. But it is not known until now whether implementation has begun.
During the same period, the Ministry of Justice announced that the courts had seized funds worth $ 850 million, in addition to vehicles and real estate, as part of the Bouteflika era corruption investigations, which are present on Algerian soil. The press said that day: “The train to recover the money that came out of corruption has started, and it will not stop until it reaches its last stop.”