51,49% rule to be withdrawn from investment code in Algeria

51/49% rule governing foreign investment in Algeria, will be withdrawn from the next investment code but will not be totally abolished under any circumstances, announced Thursday Minister of Industry and Mining Abdesselam Bouchouareb in a press briefing at the end of the conference on economic and social development.
In the new investment code, he said, “we will remove all the points which can impeded (the investment) and keep only facilitations and support of the projects.  51/49% rule has nothingto do with the investment code. »
The minister underlined that the 51/49% rule will not be included in the future investment code but will remain effective in the regulation of economic sectors and activities, citing the example of the oil sector governed by a specific investment code.
Bouchouareb said that the new law will be more attractive as it includes only facilitation measures which open access to the Algerian market for foreign investors.
The minister underlined that the expansion of this rule to the wholesale and retail trade sectors become necessary because of the need to support the weakened sectors, collapsed by the competition of imported products.