|
|
 |
|
Viewing report
|
|
|
|
Executive Report on Strategies in Algeria
ICON Group International, June 2007, Pages: 390
How to Strategically Evaluate Algeria
Perhaps the most efficient way of evaluating Algeria is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Algeria
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Algeria. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Algeria:
Openness to Trade in Algeria
Openness to Direct Investment in Algeria
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Algeria. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Algeria over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Algeria when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Algeria as an area of dominant influence in Africa and, potentially, the world.
The report concludes with trade indicators for Algeria. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Algeria.
As a whole, this report presents a strategic assessment of Algeria by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN ALGERIA
Economic Fundamentals and Dynamics
The hydrocarbons sector is the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria’s efforts to reform one of the most centrally planned economies in the Arab world stalled in 1992 as the country became embroiled in political turmoil and violence. Algeria’s financial and economic indicators improved during the mid-1990s, in part because of policy reforms supported by the International Monetary Fund and debt rescheduling from the Paris Club. The government continues efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector. It but has had little success in reducing high unemployment and improving living standards.
Government Intervention Risks
Until the mid-eighties, Algeria was essentially a centrally planned economy. Almost all industrial firms were state-owned. So were all banks, telecommunications and most other services except for retail trade. Agriculture was collectivized. Since the mid-eighties, Algeria has progressively liberalized its economy and introduced competition. The GOA is now determined to disengage itself and privatize most of the state-owned firms.
Privatization today features flexibility and a negotiable context in which most modes of privatization are available. These range from a straight sale of assets to the sale of shares through a competitive bidding process, the stock exchange or private deals. It also provides for a subscription of shares by private investors in the context of capital increase and concessions. In some cases entire firms are being totally sold off. In others firms are privatising select functions such as distribution and marketing.
Infrastructure Development
Algeria’s territory is one-third the size of the United States. Algeria has a somewhat well developed transport and telecommunications infrastructure. Unfortunately, terrorists occasionally disrupt its power and telecommunications networks as well as its rail and road transport lines.
Algeria has a road network of 100,000 kilometers, 26,000 of which are trunk roads and highways and 23,000 wilaya or provincial roads.
The railway network covers mainly northern Algeria. It includes 4,200 kilometers of tracks, 3,060 of which are standard gauge and 1,140 narrow gauges.
Algeria has 30 domestic airports for the general public, 12 of which are international airports. The national carrier, Air Algerie, serves 37 destinations in Europe, Africa and the Middle East. Only a few international airlines serve Algeria. There are no direct flights between Algeria and the U.S. Six private airlines operate in Algeria and assure domestic and international flights including Antinea Airlines, Eco Air International, Khalifa Airways, Sahara Airlines, Tassili Airlines, and Medina Airlines. International carriers include: Air Liberte of France, Alitalia, Egypt Air, Libyan Arab Airlines, Royal Air Maroc, Saudi Arabian Airlines, Syrian Air, Tunis Air, and Turkish Airlines.
Algeria has 13 multipurpose ports, 2 hydrocarbons terminals, and 19 smaller ports for fishing and sailing.
The Algerian Ministry of Post and Telecommunications (PTT) operates telephone, telex, telegraph, and facsimile networks, a maritime radio service, a mobile telephone system, and a public data communications network. About 80 percent of the national telecommunications network uses digital technology. Algeria’s domestic and international telephone network links often malfunction, but the PTT Ministry is enhancing the system’s performance. U.S. firms should take advantage of the opportunities to sell their goods and services.
DHL has been operating a courier service in Algiers since 1994. The company has offices in Annaba, Arzew, Constantine, Hassi Messaoud, Oran, and Skikda.
Political Risks
The Political System
Algeria is a multiparty state. Currently, over 40 legal political parties operate in the country. Algeria has universal suffrage. The Head of State is the President of the Republic, who is elected to at most two five-year terms. The President is the head of the Council of Ministers and of the High Security Council. He appoints the Prime Minister who is the Head of Government. The Prime Minister appoints the Council of Ministers.
The Algerian parliament consists of a lower chamber, the National People’s Assembly, (APN) that has 388 members and an upper chamber, the National Counci, that has 144 members. The entire APN is elected every five years. Regional and municipal authorities elect two-thirds of the National Council and the President appoints the rest. Members of the National Council serve six-year terms with one half of the seats up for election every three years. Algeria is divided into forty-eight wilayas (states), and each wilaya is further divided into communes. The wilayas and communes are each governed by an elected assembly.
Politics and the Business Environment
The current administration has been very proactive in pushing privatization of the state owned industries and continuing Algeria’s transition to a market economy. The strongest opposition to economic liberalization comes from the Labour Party and the labor unions. Most of the labor unions in Algeria are represented by the UGTA. The UGTA seeks to portray privatization as selling-off Algeria’s birthright. The UGTA has had limited success in exerting pressure on the government to limit privatization, but it remains a key pressure group on the Algerian political landscape.
Economic Relationship with the United States
Since the tragic events of September 11, 2001, Algeria has stood firmly behind the U.S. in the global war on terror. In July 2001, the U.S. and Algeria signed a Trade and Investment Framework Agreement (TIFA).
Marketing Strategies
Distribution Channel Options
Algeria’s well-developed distribution system comprises an extensive network of wholesale and retail outlets mostly in the hands of private entrepreneurs. State-owned marketing firms mainly sell wholesale imported foodstuffs, pharmaceuticals, and industrial supplies and equipment. Private wholesalers are increasingly active in these sectors. The Government has begun privatizing state-owned distribution outlets.
Private wholesalers are mainly retail firms importing from France, Spain, Italy, and to a lesser extent Germany. These firms also import from the U.S. for a limited range of specific products. Many privately owned stores have opened since the liberalization of Algeria’s import regime. These stores mainly stock imported foodstuffs and household equipment. Private businessmen almost exclusively control the retail trade.
Agents and Distributors
The U.S. Embassy strongly encourages American businessmen to use agents, distributors, or joint-venture partners as a means to enter Algeria’s market. Under the 1993 Investment Code, foreign suppliers no longer need to invest in Algeria to set up distributorships. They may use local agents and distributors or set up their own distribution companies. Algerian law prohibits foreign firms from using commercial agents to bid on government tenders.
Foreign manufacturers are currently represented either through branch offices or authorized agents/distributors. Agents/distributors are often necessary to assist the U.S. firm with documents in French. Some U.S. firms supply Algeria directly through regional distribution centers in Europe.
Franchising Activities
Franchising is not widespread in Algeria, but private firms are increasingly interested, especially in fast food chains, textiles and agricultural machinery. Both Coca-Cola and Pepsi Cola established very successful bottling operations in Algeria with private Algerian food processing companies in 1993 and 1998 respectively. Algerian laws do not allow monetary transfers in hard currency that would result from royalties’ payment for the franchisers. However, there is movement in the government to reform these laws and remove this barrier to globalization and franchising.
Leasing
The Government enacted a law in January 1996 that allows Algerian companies to lease foreign-made equipment. Private firms are showing increasing interest in leasing, particularly construction equipment. The Agricultural Mutual Bank, in partnership with a large insurance company and the privately owned Union Bank, established an agricultural equipment leasing company in July 1997.
Joint Ventures and Licensing Options
Algerian companies want technical expertise from foreign partners in order to compete in the national, regional and global markets. Foreign firms are often given equity in these joint ventures. U.S. firms benefit from such arrangements since they make it possible to better understand the local market and access well-established wholesale and retail distribution channels. Successful projects include the joint venture between Pfizer and Saidal, the local state-owned pharmaceutical company, and establish a model for future cooperation outside the hydrocarbon sector.
Creating a Sales Office
The U.S. Embassy recommends that U.S. companies rely on experienced Algerians for guidance in the marketplace and urges that companies hire local legal representation to assist in establishing offices. The process of setting up offices or companies in Algeria, while not trouble-free, has been simplified by recent legislative changes. However, red tape, particularly related to registration and visas, can be complicated. U.S. firms should consider security arrangements as an integral element of setting up an office in Algeria.
Advertising and Trade Promotion
Direct advertising of equipment and machinery only has a small impact on local end-users.
Advertisements do not influence the state-owned companies since they import on the basis of international tenders. Advertising is effective for consumer products now that Algeria’s import market is open. Algeria’s Radio and Television Service accepts advertisements and is now the most popular vehicle for advertising. Several locally based U.S. companies have successfully used these advertising channels. There are several Algerian advertising agencies. A listing of advertising agencies and major Algerian newspapers follows.
Advertising Agencies
ANEP (State-owned agency)
28 RUE Ahmed Ouaked Dely Brahim
Algiers, Algeria
Phone: (213-21) 36.15.14/36.38.52
Fax: (213-21) 36.51.80.36.72.20
HIWAR-COM (Private agency)
1 RUE Bachir Attar
Maison de la Presse
Place du ler mai
Algiers, Algeria
Phone: (213-21) 66.72.04
Fax: (213-21) 65.45.01
VIP Group
Riadh El Feth Alger
Phone: (213-21) 67.76.85/68.52.92
Fax: (213-21) 67.76.85
Media Mail
38/40 Rue Didouche Mourad Alger
Phone: (213-21) 64.44.53/87
Fax: (213-21) 63.63.61
Alpha Design
Palais des Expositions, Pins Maritimes Alger
Phone: (213-21) 21.07.70 /71
Fax: (213-21). 21. 07.73
Major Newspapers
Liberté (Independent French-language daily)
17 Chemin de la Madeleine
Algiers, Algeria
Phone: (213-21) 69.25.88 /69.21.60 / 69.26.15
Fax: (213-21 69.35.46
El Khabar (Independent Arabic-language daily)
1 rue Bachir Attar
Place du ler mai
Algiers, Algeria
Phone: 65.32.24/66.19.31/32
Fax: 65.22.80/66.19.27
El Watan (Independent French-language daily)
1 rue Bachir Attar
Place du ler mai
Algiers, Algeria
Phone: (213-21 68.21.83-85
Fax: (213-21) 68.21.87
La Tribune (Independent French-language daily)
1 rue Bachir Attar
Place du ler mai
Algiers, Algeria
Phone: (213-21) 67.63.31 /68.54.21
Fax: (213-21) 68.54.22
El Moudjahid (Government-controlled French-language daily)
20 rue de la Liberté
Algiers, Algeria
Phone: (213-21) 73.70.30
Fax: (213-21) 73.89.80
Le Soir d’Algerie
Maisin de la Presse Tahar Djaout
1, Rue Bachir Attar
Algiers, Algeria
Phone: (213-21) 67.06.57/58
Fax: (213-21) 67.06.59
Supplying Customer Service
Suppliers of capital goods to the Algerian market are required to provide sales service and customer support. Free sales service is usually required for a period of one year. Suppliers may enter into agreements thereafter to provide customers remunerated sales service, which is referred to as “technical assistance” in Algeria.
Foreign suppliers provide customer support via liaison offices in Algeria. These offices are prohibited from engaging in commercial activities and thus cannot import or distribute equipment and spare parts. These items must be imported by the Algerian end-users either directly or through distributors.
Sales service for consumer goods is a relatively new development in Algeria. Recent legislation makes it compulsory for distributors of foreign products to provide a six to eighteen month warranty, depending on the type of goods, to stock parts in Algeria, and to provide customers after-sales service.
Public Sector Marketing
Algerian government institutions, including Ministries, other public agencies, and local governments, buy foreign-made goods by way of tender offers open to all potential suppliers. The Law on Public Tender governs Algerian government procurement. It requires a two-percent bid bond and a five-percent performance bond. Foreign bidders must deal directly with the client agency, but tender documents, which list tender procedures and requirements, can be obtained through local representatives or embassies. Although the Law on Public Tender does not require the state-owned companies to purchase goods and services through tenders, many of them do.
Algeria’s procurement practices have little adverse effect on U.S. exports to Algeria. It makes little use of counter-trade laws or of laws to encourage local production or other non-competitive practices. Although Algeria is a member of the Arab league, there is no known instance in which U.S. firms have been disadvantaged by Algeria’s endorsement of the League’s anti-Israel boycott.
Government agencies and public companies can work directly with foreign suppliers within the framework of what are called limited consultations (consultations restreintes) with at least three suppliers. Government entities and state-owned companies routinely request financing in their tenders.
Hiring Local Counsel
American firms contemplating exporting to Algeria must exercise caution. Despite the free-market reforms, some Algerian commercial laws and regulations can be complex and lack transparency.
Labor
Workers in Algeria enjoy considerable rights and do not hesitate to strike when they perceive these rights are threatened. The current privatization program is very respectful of workers rights and much is done to encourage workers to become owners of the firms they work for.
In theory, workers may form and be represented by trade unions of their choice. In fact, there is essentially only one union in Algeria, Union Générale des Travailleurs Algériens (UGTA). It serves as an umbrella organization with local chapters in individual firms and sector chapters. In theory, unions may not affiliate with political parties or receive funds from abroad. In fact UGTA has close ties to the Algerian Labour Party and works with it in opposing privatization programs.
A quarter of all Algerian workers are members of UGTA. Union-led strikes have been frequent as industry is being reorganized. Such strikes are likely to be at least as frequent in the future as government-owned firms are being privatized. Because of the overstaffing of Algerian State owned enterprises, privatization is likely to result in the elimination of numerous redundancies and workers are worried. While the law prohibits discrimination by employers against union members and organizers, there have been instances of retaliation against strike organizers. A 1990 law permits all unions to engage in collective bargaining. This right has been freely practiced.
Forced or compulsory labor has not been practiced in Algeria and is prevented by the constitution.
The minimum employment age is 16 years and inspectors can enforce the regulation. In practice, many children work part or full time in small private workshops, in family farms and in informal trade.
The 1990 Law on Work Relations defines the overall framework for acceptable conditions of work. The law mandates a 40-hour workweek. Employers pay an amount equal to 26% of salaries to the government for their workers’ social security, workmen’s compensation and unemployment disability insurance. A decree regulates occupational and health standards. Work practices that are not contrary to the regulations regarding hours, salaries, and other work conditions are left to the discretion of employers in consultation with employees.
Nearly all of the U.S. investment in Algeria is in the hydrocarbon sector. Algerian workers in this sector enjoy all the rights defined above. These workers at American firms enjoy better pay and safety than do most workers elsewhere in the economy.
Import and Export Regulation Risks
Trade Barrier Risks
There are no barriers specifically erected to stem U.S. exports, but for many years tariffs on imports were high in Algeria and some still are. In 2001, as part of its Association Agreement with the EU, as well as to become a member of the WTO, Algeria committed to lower tariffs. The modernization of Algerian customs, a key priority, is also under way. Algeria’s customs administration has simplified import clearance procedures, but the process remains time-consuming and the source of many complaints. Finally, much of Algeria’s purchasing overseas is done though international RFPs and tenders. Streamlining these and making them more transparent is a stated objective of the GOA and considerable progress has already been made.
Local Standards
Algeria has largely deregulated its merchandise trade regime. Import licenses are no longer required. The only imports subject to restrictions are firearms, explosives, and narcotic drugs. Pork products are prohibited for religious reasons. The government insists that imports meet specific testing, labeling, or certification requirements. However, Algeria is increasingly adopting, and requiring compliance with, European Union quality standards.
The 2001 budget abolished the state monopoly on importing, producing and selling tobacco and related products; it also deregulated the gold and silver import market.
The Ministry of Health requires distributors to obtain authorizations to sell imported drugs. Drugs must have been marketed in their country of origin, as well as in a third country, before they may be imported. Government regulations stipulate that imported products, particularly consumer goods, must be labeled in Arabic. This regulation is enforced. It is helpful to also label products in French. When food products arrive in Algeria they must have at least 80 percent of their shelf life remaining. While specific regulations exist for a few products, in general all products must be in conformity with the standards defined in the Codex Alimentarus.
Additional Trade Issues
Phytosanitary and sanitary control regulations are also in place. As a rule, animal and plant products that risk propagating diseases to persons or animals cannot be imported. In these matters, Algeria adheres, like the E.U., to the principle of “precaution.” Prospective importers may, however, be given waivers by Algeria’s national veterinary and plant protection services, depending on the situation in the country of intended origin. Meat of U.S. origin is prohibited because of its alleged excessively high hormonal content. Certain imports are subject to prior authorization by some ministries. For example, the Ministry of Health and Population must clear medical products, the Ministry of Defense and National Security Directorate must clear hunting weapons, and the Ministry of Information and Culture must clear books and magazines. In December 2000, the Algerian Ministry of Agriculture enacted a decree prohibiting the importation, distribution, or sale of seeds that are genetically modified organisms (GMOs).
Controls on Exports
Almost all export restrictions have been removed. The main exceptions concern palm seedlings, sheep, and historical and archaeological artifacts. Exports to Israel are prohibited.
About 97 percent of Algeria’s export revenues are derived from oil and natural gas. The government does not provide direct subsidies for hydrocarbon exports. The government reactivated a non-hydrocarbon exports insurance and guarantee program in 1996, but it has had a limited effect so far.
The GOA is offering incentives to exporters to boost non-hydrocarbon exports through the recently formed Algerian Foreign Trade Promotion Agency, PROMEX. This new trade promotion entity is in addition to the Algerian Export Insurance and Guarantee Company, CAGEX, formed in 1996 and the Export Promotion Fund, created in 1997.
Entering Temporary Imports
Equipment and machinery brought into Algeria temporarily for the purpose of a specific project or exhibition are exempt from payment of customs duties and taxes. To obtain waivers, importers must fill out a customs form and present it to the authorities when the goods are re-exported.
Investment Climate
Algeria faces the same difficulties and offers the same opportunities as other economies making the transition from a state-run to a market economy. These challenges include the fact that most of the state-owned companies are over-staffed and inefficient and the private sector is protected by high tariffs. Also, the labor unions fear the employment losses that would result from privatization. Despite these challenges, the GOA is actively pursuing economic reforms and courting foreign investors.
Algeria’s legislation makes no distinction between foreign and domestic investors. Either may be granted investment promotion benefits on a non-discriminatory basis. A central government agency, the National Investment Development Agency (ANDI) is mandated to facilitate investment. ANDI coordinates all registration formalities for investors and assembles packages of incentives available under the investment code. Algeria’s bureaucracy still makes investing in Algeria a complex and protracted process, though it is equally burdensome to domestic and to foreign investors.
Algeria offers potential investors a solid track record of payment, abundant energy, a capable and literate workforce, a domestic market of 30 million persons and access to markets in Europe, Northern and Sub-Saharan Africa.
Algeria is the second largest country in Africa and the most populous nation of the Maghreb. Algeria’s economy is dependent on oil; the energy sector accounts for more than half of government revenues and over 96 percent of exports.
The GOA is aggressively seeking foreign investment. Only through foreign investment can it hope to reduce the country’s massive unemployment, approximately 30 percent, and acquire the capital, technology and management expertise needed to modernize the economy.
In spite of these favorable conditions, there are still considerable barriers to U.S. investment. The Algerian bureaucracy is still burdensome and omnipresent and the legal system, especially the labor law, is very different from that in the U.S. Transparency in business decisions has gained considerable ground but is still not the general rule. Perhaps most importantly, banking and telecommunications systems are in urgent need of reform. While the government is committed to these reforms, progress continues to be slow.
Openness to Foreign Investment
Algerian Government policy is aimed at attracting foreign investment. The GOA has devoted sustained efforts to encourage foreign investment, especially in the non-hydrocarbon sector. To focus this policy, the government created an investment code in 1993 that provides for freedom of investing and equal and nondiscriminatory treatment for all investors. The law opens the road to all forms of investments: joint ventures, direct investment, and portfolio investment. The investment code guarantees the stability of the laws applied at the initial investment. There is no discrimination against foreign investors.
In 1993, the Government created an investment agency that reported directly to the Prime Minister to “shepherd” foreign firms interested in investing in Algeria. In August 2001, the government passed a new law to reinforce the existing law. This law created the National Investment Development Agency (ANDI), to replace the former agency, and a National Investment Council (CNI) to direct investment in Algeria. ANDI is intended to simplify investment procedures and incentives structures. It handles all investment formalities and gives incentives to the investors. The CNI is in charge of defining the investment strategy and its priorities, adapting incentive measures and advising which sectors would benefit from particular advantages.
Conversion and Transfer Policies
According to the investment code, new regulations allow foreign investors to repatriate their profits within 60 days, even if revenues exceed the amount originally invested. Hard currency transfer procedures are often problematic due the telecommunications and banking systems inefficiency.
Expropriations and Compensation
No recent expropriation actions or discrimination has been registered against U.S or other foreign firms.
Dispute Settlements
The Investment Code and Algeria’s code of civil procedures allow recourse to international arbitration procedures in case of any dispute between foreign investors and Algerian entities.
Algeria concluded four bilateral conventions related to investment protection allowing international arbitration. The government of Algeria is a member of the Multilateral Investment Guarantee Agency (MIGA) and the International Center for Settlement of Investment Disputes (ICSID). Algeria is a signatory of the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Algerian commercial law can be complex and technical, with more than 400 legislative and regulatory texts. Many investors consider it blurry and rely on local counsel and agents to ensure that all procedures and rules are followed. The U.S. and other donors are offering assistance to relevant ministries to modernize the Commercial Code and practices. The judicial environment is inefficient and, in fields like the adjudication of intellectual property disputes, suffers from a lack of trained magistrates.
Performance Requirements and Incentives
The Investment Code provides incentives according to the size of the investment, geographic location, jobs created, technology transferred, use of local inputs, and export orientation. When the GOA deems a specific project important, the investor can negotiate directly with government authorities for more specific advantages. Investors receive the maximum advantages if the foreign partner finances more than 30 percent of the total value of the investment and uses 50 percent local inputs.
For registration, the investor must submit an investment statement “Declaration d’Investissement”, specifying the nature and the structure of the investment and other information related to the investment. To apply for advantages the investor must file a request, “Demande d’Avantages”. These two documents must be addressed to ANDI, which will deliver an investment agreement within less than 60 days if the investment meets the criteria.
A Business Identity Card is issued to the foreign investor as a permit to access to other administrations after being registered in the Trade Register.
Foreign investors abide by the Currency and Credit Law of 1990, supplemented by several regulations of the Currency and Credit Council and by instructions from the Algerian Central Bank. Foreign and domestic investors must obtain two authorizations to be entitled to perform financial transactions. The first authorization, valid for one year, includes a project description, a commitment letter addressed to the governor of Algeria’s Central Bank, the position of sharehol
Customers who bought this item also bought
Algeria Agribusiness Report Q4 2009
Algeria Pharmaceuticals & Healthcare Report Q1 2009
Algeria Agribusiness Report Q2 2009
Algeria Pharmaceuticals and Healthcare Report Q2 2009
Algeria Agribusiness Report Q1 2009
Algeria Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020
Algeria Gas Markets Investment Opportunities, Market Analysis and Forecasts to 2020
Algeria Agribusiness Report Q3 2009
Algeria Pharmaceuticals and Healthcare Report Q4 2008
Algeria Oil and Gas Report Q4 2009
Algeria - Telecoms, Mobile, Broadband and Forecasts
Algeria Pharmaceuticals and Healthcare Report Q4 2009
|
|
|
|
