Algiers, March 23: Portuguese Prime Minister Jose Socrates on Monday urged companies from his country to partake in a new wave of infrastructure investment in Algeria, during a trip to Algiers.
“There are lots of Portuguese companies that would like to work in Algeria,” he said at a forum of Algerian and Portuguese business leaders, citing the water and renewable energy sectors in particular as ripe for investment.
Socrates also told the forum that Portuguese companies should have confidence in Algeria’s oil and gas-rich economy, which he said had a “huge potential for investments.”
Algerian Prime Minister Ahmed Ouyahia said that Algeria was preparing a new five-year public investment programme worth more than 250 billion dollars (185 billion euros).
An earlier five-year investment drive launched in 2005 saw 140 billion dollars ploughed into building up basic infrastructure like roads and the construction of one million homes.
“Algeria invites you to take advantage of the public investment programme worth more than 250 billion euros by teaming up with public and private Algerian companies,” Ouyahia told the forum.
“Algeria can offer local financing for investments here and highly skilled labour with wages more competitive than those in Europe,” he added.
Portugal and Algeria have been linked by a partnership treaty since 2006.
—Agencies