The investment law, signed on July 24, 2022 by the President of the Republic, Abdelmadjid Tebboune, was published in the Official Journal. This is Law No. 22-18, relating to investment, which was adopted on June 27 by the National People’s Assembly (APN), then on July 13, 2022 by the Council of the Nation.
The purpose of this new law is to lay down the rules governing investment, to define the rights and obligations of investors and the incentive regimes applicable to investments in economic activities for the production of goods and services, carried out by natural persons or legal entities, national or foreign, resident or non-resident.
In addition, this new law aims to encourage investment in order to: develop priority business sectors with high added value; ensure sustainable and balanced territorial development; to promote natural resources and local raw materials; promote technology transfer and develop innovation and the knowledge economy; to generalize the use of new technologies; to stimulate the creation of permanent jobs and to promote the competence of human resources; strengthen and improve the competitiveness of the national economy and its export capacity.
The freedom to invest: any natural or legal person, national or foreign, resident or non-resident, wishing to invest, is free to decide on his investment, in compliance with the legislation and regulations in force; May also transparency and equality in the treatment of investments; are the principles enshrined in this new investment law.
Also according to the new law, two bodies are responsible for investment in Algeria: the National Investment Council and the Algerian Investment Promotion Agency.
What’s new with this new investment law
What will also change with this new law on investment, the possibility for an investor to lodge an appeal with the presidency of the republic. The text institutes under the Presidency of the Republic, a “High National Commission for Investment-Related Appeals”, hereinafter referred to as the “Commission”, responsible for ruling on appeals lodged by investors.
“Appeals are sent to the commission within a period not exceeding two months from the notification of the contested decision. The commission must decide on these appeals within a period which must not exceed one month, from the date of its referral”. According to this new law.
We also note the introduction of the principle of sanctions against obstacles to investment. “Anyone who, in bad faith, obstructs by any means whatsoever the act of investing, is punished in accordance with the provisions provided for by the legislation in force. According to the content of one of the articles of this new law.