Algeria Represents the Future For Spanish Companies' Investment
The impact of the economic and trade crisis between Algeria and Spain over the past years has been very significant for companies in the region, Juan Riera, President of the Council of Chambers of Commerce of the Spanish Community of Valenciana, said.
He emphasised that Algeria represents the future for many of the Spanish companies' investments, partnerships, local production, and exports to Africa, especially in light of the low production costs of energy and labour.
In a statement to Echorouk on the sidelines of an Algerian-Spanish economic forum held Sunday at the Marriott Hotel in Algiers, Juan Riera explained that companies from the region have experienced a decline in their export turnover of approximately 70%. He explained that the impact of the crisis with Algeria has been particularly severe, especially since trade and economic relations between the region and Algeria have been halted by approximately 85 to 90%.
Regarding the prospects for investment and partnership with Algeria in the coming period, following the resumption of economic and trade relations between the two countries, Juan Riera explained that the new rules of the game dictate a shift toward local investment here in Algeria, rather than solely focusing on exports.
The head of the Chambers of Commerce of the Valenciana Community, which includes the provinces of Valencia, Castellón, and Alicante, confirmed that the Algerian government provides significant support and assistance to investors under a new legal framework, as well as concerning the financing that is available and necessary. Therefore, Juan Riera added, it is necessary to look for a good partner and the right product for export, but especially for local investment and production here in Algeria.
In this regard, Juan Riera said, 'I believe that investment and partnerships in Algeria represent the future for many companies in Spain and the Comunidad Valenciana .'
The speaker justified his position by stating that Algeria offers extremely attractive opportunities for local production and export to the countries of the South, namely sub-Saharan Africa, which represent markets with enormous potential, especially given the highly stimulating production conditions in Algeria, including the availability of energy (electricity, gas, and fuel) at very competitive prices and an inexpensive labor force.
During his speech at the forum, Juan Riera emphasised that Spain is fully prepared to invest and launch partnerships in Algeria if it is provided with legal, economic, and financial protection. He noted that, in such a situation, Spanish companies will be able to launch local production and export projects, particularly to the south, given its strategic location.
During the forum, organised by the Algerian-Spanish Club for Trade and Industry, Saliha Nasri, representing the Minister of Environment, gave a detailed presentation to Spanish investors on the prospects for tourism development in Algeria and the opportunities offered by this promising sector in Algeria, given the open workshops.
The Spanish operators present also received detailed explanations of investment facilities and procedures, industrial property grants, and other measures presented by a representative from the Algerian Investment Promotion Agency.
The forum will continue until Tuesday, June 17, and will include bilateral meetings between Algerian and Spanish business leaders. Field visits to Algerian company headquarters will also be conducted, and partnerships will be explored in a variety of sectors, including logistics, the automotive industry, pharmaceuticals, tourism, agriculture, and other fields.
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