Algerian President Abdelmadjid Tebboune has announced plans to revise the country's Commercial Code, aiming to simplify the process of creating businesses and introduce a system to protect investments. The revision is part of a broader effort to revitalize the national economy, which has been struggling since the decline in oil revenues in 2014. The new measures are expected to provide a more favorable business environment and attract foreign investment.
The revision of the Commercial Code is also intended to introduce a system of prevention to help businesses in difficulty and strengthen commercial courts through the specialization of judges. President Tebboune made the announcement during the opening of the International Seminar of Lawyers on Legal and Judicial Protection of Investment, which brought together government officials, judicial authorities, and representatives of the legal profession. The seminar aimed to discuss ways to improve the legal and judicial framework for investment in Algeria.
The Algerian economy has been facing significant challenges, including a decline in foreign exchange reserves and restrictions on imports. The government has been seeking to address these challenges through various measures, including the revision of the Commercial Code. President Tebboune emphasized that the protection of investments is essential for creating a favorable business climate and attracting foreign investment. He also highlighted the importance of an independent and effective judiciary in protecting the rights of individuals and businesses.
Algeria has signed several international conventions related to the protection of investments, but the country has struggled to implement these agreements effectively. President Tebboune acknowledged that the country's judicial system needs to be strengthened to provide greater protection for investments. He emphasized that the independence and integrity of judges are essential for ensuring the stability of the legal system and protecting investments.
The revision of the Commercial Code is part of a broader effort to reform the country's legal and regulatory framework. President Tebboune announced that the Civil Code and the Code of Civil and Administrative Procedures will also be revised to support the development of the national economy. The reforms aim to create a more favorable business environment and attract foreign investment.
The International Seminar of Lawyers on Legal and Judicial Protection of Investment brought together representatives of the government, judicial authorities, and the legal profession to discuss ways to improve the legal and judicial framework for investment in Algeria. The seminar provided a platform for experts to share their experiences and expertise on investment protection and to identify areas for improvement in the Algerian legal system.
President Tebboune emphasized that the protection of investments is essential for promoting economic growth and development. He reiterated his commitment to creating a favorable business climate and attracting foreign investment. The revision of the Commercial Code and other reforms are expected to contribute to the country's economic recovery and provide a boost to investment and growth.
Key points
- Algeria plans to revise its Commercial Code to simplify business creation and protect investments.
- The revision aims to introduce a system of prevention to help businesses in difficulty and strengthen commercial courts.
- The reforms are part of a broader effort to revitalize the national economy and attract foreign investment.
