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ALGIERS Algeria is preparing to allow foreign investors to buy shares on its stock exchange, where authorities hope the number of listed companies will rise from four to 50 in the next five years, the head of the bourse told Reuters. The expansion plan is part of wider reforms aimed at opening up Algeria's largely state-controlled economy, diversifying its sources of income and complying with international standards, Yazid Benmouhoub said in an interview.

Algeria has had limited foreign participation in its economy for years, a legacy of the socialist ideology adopted after its independence from France in Its companies rely heavily on state finances which in turn depend on its energy sector. But official figures show the country's trade surplus fell They accounted for Over the past year, Algeria has signalled it will open up its economy, including allowing foreign firms to invest in the housing sector.

The OPEC country's stock market, which is smaller than those in neighbouring Morocco and Tunisia, has very low levels of liquidity and a large state sector, deterring foreign investors despite the country's oil wealth. Algerian authorities signed a preliminary agreement last week with financial advisers from Paris Europlace to help the Algiers bourse with a modernisation plan and provide advice for companies wishing to list, Benmouhoub said.

The goal is to get expertise and speed up the implementation of our strategy," he said. The Algiers exchange will not be accessible to foreigners immediately, but they should be able to get involved soon.

Algeria's investment law currently limits to 49 percent the stake held by foreigners in any enterprise, with Algerian partners holding the rest.

The government set up a team of Algerian and foreign experts to draft recommendations on mechanisms to improve the investment climate, though details of how are still under discussion. The government is determined to go on with its ambitious plan to inject dynamism into the economy," said Benmouhoub, a financial expert appointed to the post in June this year.

In an apparent attempt to show more willingness to diversify its economy, Algeria last week said it was authorizing eight state firms to list on the Algiers stock exchange. The firms include state bank Credit Poulaire d'Algerie CPA and mobile telephone operator Mobilis, which is competing to win one of three licences to set up and operate Algeria's first third-generation 3G mobile phone networks.

We aim for between 40 to 50 firms in the next five years," he said. New amendments to legislation have eased listing procedures for small and large-sized firms, including tax incentives.

They will also encourage private firms to list on our bourse," said Benmouhoub. Boosting the bourse will strengthen domestic investment opportunities and allow listed companies new financial resources, but changes in management policies are needed, Benmouhoub said.

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