Brussels, 22/10/2012 (Agence Europe) - The Algerian government will not back down on the measure adopted three years ago of imposing the 51/49% rule on foreign investors - a rule which the EU has criticised and asked Algiers to re-examine on several occasions. With this rule, Algeria intends to keep it obligatory for the majority of shares to be national in a partnership investment.
“The Abdelmalek Sellal government has maintained the 51/49% rule in its action plan. This is a decision taken by the government in 2009, on which we will not back down. This rule is a fundamental question and a question of principle”, the official press agency APS writes in a dispatch dated 18 October.
The government has even refused to exclude investment projects from European nationals who are of Algerian origin, as parliamentarians requested. In the prime minister's view, “Migrant Algerians (are able to) invest more in their country by creating companies under Algerian law”, APS adds. The agency, quoting the prime minister, points out that application of this rule “has not prevented the (ongoing) negotiations with the automotive constructor Renault”, and it “is not 'blocking'” foreign direct investment. “Contrary to what is heard, the figures show us that, in comparison with our Tunisian and Moroccan neighbours, we are slightly better than them in terms of FDI”, the head of government said. (FB/transl.fl)