Algiers — Minister of Industry and Mines on Monday, in a statement, denied allegations by some media that Minister Abdesselam Bouchouareb would have declared in the United States, recently, that Algeria intended to invest USD260 billion in Detroit, Michigan.
The minister had been in the US early December (1-5) leading a delegation of investors as part of the second conference of Doing Business Algeria-USA, held successively in Washington, Detroit, San Francisco and California.
However, "a translation mistake by a Detroit local media reporter wrongly attributed to the delegation a statement according to which Algeria intends to invest USD260 billion in Detroit," the ministry's release said.
The mistranslated statement was reported by some national media.
For more precision, "Fay Beydoun, the executive director of the American-Arab Chamber of Commerce, co-organizer of the business meeting in Detroit, made a presentation (on that occasion) about the aggregate indicators of the Algerian economy, making reference to the value of Algeria's five-year plan (2014-2019), which is USD260 billion," according to the release.
The ministry stresses that Bouchouareb "at no point in his statements, addresses and papers, in Washington, Detroit, Los Angeles or San Francisco, did he make reference to the five-year plan 2014-2019, and even less the plan's amount: USD260 billion."
The minister "made it his duty to limit his statements to issues relating to his sector, industry and mines, and the actions undertaken to attract foreign investors to Algeria as part of Algeria's new industrial ambition," the release stressed.
"The government has no intention to invest such an amount abroad."