After Morocco and Tunisia, Algeria has entered the economic race to reconquer the African market.

For three days, the Maghreb state is hosting a forum dedicated exclusively to investments and African affairs.

The African Investment and Business Forum opened on Saturday evening in Algiers.

Over 1,500 delegates, representing 45 countries are discussing investment opportunities, mainly inter-African deals, so far rated at a mere 10 per cent, compared to 70 per cent with Europe, 50 per cent with Asia and 22 per cent with Latin America.

Natural resources

"This encounter," said Algerian Prime Minister Abdelmalek Sellal during the plenary session, "is not a political forum, but rather a gathering of investors and businesspeople who want to create wealth for Africans."

"The growth of the continent," he continued, "cannot depend solely on natural resources exploitation, it should be extended to enterprises by adopting a win-win partnership approach."

It is expected that the Algiers forum will occasion the signing of several contracts between different partners to boost the intra-African cooperation.
Concrete projects

Mr Sellal stated that Algeria was ready to support concrete projects between national entrepreneurs and their Africans counterparts.

An economist at Algiers University, Prof Lyes Mohamedi, affirmed that the country was well equipped to contribute towards Africa's economic integration.

Prof Mohamedi observed that with its trans-Saharan highway that links Mali, Niger, Tunisia, Chad, Nigeria and Burkina Faso, Algeria offered a critical basic infrastructure for transport and communications

Several challenges

"The Algiers- Abuja fibre optics network connection is also another opportunity to connect the north to west with its extension even to southern countries," he said.

Another economist, Prof Mohamed Cherif Belmihoub, said Africa faced several challenges, including the re-appropriation of its political and economic independence by foreign firms and should work towards the implementation of 2063 African Union agenda for economic integration.

Corruption, insecurity and political instability were the other concerns that Africans should address in order to enable the continent take off, said Prof Belmihoubthe.