ALGIERS, June 13 (Xinhua) -- Foreign direct investment (FDI) in Algeria increased by 22 percent during 2018 to 1.5 billion U.S. dollars compared with a year earlier, state-run radio Channel III reported Thursday.
FDI in 2018 accounted for 2.3 percent of the gross fixed capital formation, and the largest investment in Algeria was in the car assembly industry and energy sector, according to figures released by the United Nations Conference on Trade and Development (UNCTAD).
The source noted that in 2017, Algeria attracted 1.2 billion dollars, lower than 1.6 billion dollars in 2016.
UNCTAD predicted in 2017 that Algeria would witness bigger increase in FDI thanks to advantages and encouragement included in the new hydrocarbons law.
The report further specified that the installation of assembly car plant of Beijing International Corporation contributed to the rise of FDI in 2018, as the car assembly plant investment was worth 100 million dollars.
Automaker giants Hyundai and Ford also received approvals from Algerian authorities for the installation of their assembly plants.
The UNCTAD was established in 1964 as a permanent intergovernmental body dealing with trade, investment, and development issues.