US Lambasts Algeria for Import Restrictions

The US has severely criticized Algeria’s protectionism as detrimental to trade and to the development of Algerian enterprises and US exporters alike.

The US rebuke was expressed by Myron Brilliant, executive vice president and head of International Affairs at the U.S. Chamber of Commerce who was speaking to the press in Algiers.

“The US chamber of trade does not encourage raising custom duties and restricting imports,” he said. “These are measures that do not encourage foreign investments, hinder innovation and the expansion of new technologies.”

The US official also called on Algeria to rethink its unfriendly investment policy, which limits foreign investors capital in a company to 49% with the remaining 51% going to an Algerian party.

He said that such a restrictive policy thwarts FDIs thus blocking Algeria from diversifying its economy away from heavy dependence on hydrocarbons.

Leave a Reply

Your email address will not be published.

Facebook Auto Publish Powered By : XYZScripts.com