Special meeting of the Council of Ministers: the decisions of Tebboune

Today, Thursday, May 19, 2022, the President of the Republic, Abdelmadjid Tebboune, chaired a special meeting of the Council of Ministers, which focused on the study and examination of the new investment bill, which was presented by the Minister of Industry and included a number of measures aimed at implementing the President’s commitments relating to the improvement of the investment climate and at creating the conditions conducive to the release of the spirit of initiative and to the diversification of the national economy, in a global and stable vision. Ensuring compliance with the principles of freedom of investment, transparency and equality, in accordance with the provisions of the 2020 constitution.

But also reorganize the institutional framework related to investment by:

Focusing the missions of the National Investment Council on the proposal of the national investment policy, its coordination and the evaluation of its implementation.

And by transforming (the National Investment Support Agency) into (the Algerian Investment Promotion Agency), by giving it the role of promoter and guide for investments through:

The creation of a one-stop shop with national competence for major projects and foreign investments. But also one-stop and decentralized counters for local investment and strengthening its skills, through qualified representatives of its public authorities and administrations.

Fight against bureaucracy, digitizing the procedures related to the investment process by creating a digital platform for the investor.

Immediate delivery of the investment project registration certificate

Broaden the scope of the guarantee for the transfer of sums invested and the products resulting therefrom to non-resident investors.

Establish investment incentive systems in the priority sectors and areas to which the State pays particular attention, in order to ensure better targeting of the benefits granted to the investment.

Tebboune’s instructions for the new investment bill

At the end of the presentation of the bill, the President of the Republic declared himself satisfied, and gave the following instructions:

The strengthening of guarantees related to the consolidation of the principle of freedom of investment and the strengthening of the judicial system to protect investors against bureaucratic abuses through the creation of a high-level independent mechanism, which includes judges and economic and financiers, placed at the Presidency of the Republic, and to deal with complaints and appeals presented by investors

Placement of the Algerian Investment Promotion Agency, under the authority of the Prime Minister. By integrating representatives of different sectors designated to the one-stop shop, with the power to make all decisions relating to investments.

Reduce study times to less than a month, while adopting international standards to attract investment, and favor speed, efficiency and sustainability.

Support investments that help reduce the import bill, and rely on local raw materials.

Imposing the severest penalties on anyone who interferes in any way with investment operations, regardless of their position and the nature of their responsibility.

The President of the Republic also ordered the government to complete the texts relating to the various agencies responsible for real estate.

The President gives instructions for the air and sea program

Before the end of the session, the Head of State addressed the government, for the effective launch of the various projects included in the framework of the complementary development program of the wilaya of Khenchela, in particular the acceleration of the implementation implementation of the railway project.

Effective immediately of the proposed program to support the international air and sea flight program, in anticipation of the summer season.

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