APS : Thursday 24 January 2019
ALGIERS- Algeria must speed up its economic diversification to face an uncertain global economic situation marked notably by the instability of oil market,
underlined the Oxford Business Group (OBG) in its last annual report on Algeria.
“The volatility of oil prices in 2018 as well as the country’s decrease in exchange reserves make this diversification all the more essential to ensure the stability of the national economic growth for the medium and long terms,” said the report presented in the presence of Ministers of Industry and Mining, of Trade and of Communication, Youcef Yousfi, Said Djellab and Djamel Kaouane, respectively.
According to OBG, promoting private investments and attracting more foreign investments are “essential” measures to facilitate the development of strategic sectors where Algeria can rely on competitive advantages such as the pharmaceutical products, building materials, agriculture and tourism.
In this regard, the report welcomed Algeria’s positioning towards new partners, notably China, of which Algeria has joined its “Belt and Road Initiative,” and Turkey, and which could allow making up for the stagnation of the investments carried out by the Europeans.
The young population and the re-emergent energy sector augur positive prospects for Algeria after several years of economic stagnation,” said the report.
The report includes comprehensive analyses on the different economic sectors enabling to “set Algeria back in a global context and comparing their evolution and opportunities,” according to the source.