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Algerian British Business Council 21st November

Monday - 21 / November / 2016

Monday 21st November 2016

 

Welcome to the latest Edition of the ABBC Business News Digest.

Please find here the latest business news and opportunities in Algeria.

 

ABBC Secretariat

IMF supports Algerian government's reforms

14/11/2016

ALGIERS-The head of International Monetary Fund (IMF) mission to Algeria Jean François Dauphin expressed Monday in Algiers the IMF's support to the process of reforms launched by the Government, stressing that such reforms are necessary for a diversified economy. Dauphin made this statement to the press following his meeting with Minister of Industry and Mines Abdessalem Bouchouareb at the headquarters of the ministry. Dauphin, who is visiting Algeria at the head of a delegation of the IMF within the yearly economic assessment conducted by the international financial institution for its member countries, hailed the progress achieved in terms of business environment improvement, as reported in the latest report of the United Nations Conference on Trade and Development (UNCTAD).  Read More

Government forecasts 3.9% growth rate in 2017

12/11/2016

ALGIERS- Prime Minister Abdelmalek Sellal said Saturday that the government expects a 3.9% growth rate in 2017 despite the drop in the country’s oil revenues. “Despite the drop in oil revenues for three years, Algeria continues to withstand and make efforts to preserve the stability of its macro-economic indicators,” said Sellal in his speech in the Government-walis meeting. “This is what enabled us to achieve a growth rate of 3.9%. Although the year 2017 promises to be difficult, we aim at the same growth objective,” he added. Read More

Growth to be sought in industrial sector, says Sellal

12/11/2016

ALGIERS- Prime Minister Abdelmalek Sellal on Saturday ensured that "growth will be, henceforth, sought in the industrial sector," in accordance with the new model of economic growth model, adding that "2017 is shaping up to be a difficult year."In his opening address at the Government-Walis (governors) meeting at the Palace of the Nations in Algiers, Sellal underlined that the new model of economic growth aimed at "preserving the financial balance and diversifying the national economy.” "Instead of austerity, we have always chosen growth," he said, adding that "henceforth, we will seek it in the national industrial sector, which would generate wealth, added values and jobs, while strengthening social justice." Read More

Sellal advocates preservation of economic decision sovereignty

12/11/2016

"The country's financial situation ALGIERS-Prime Minister Abdelmalek Sellal advocated Saturday in Algiers the preservation of the sovereignty of the national economic decision in the face of the current difficulties the country witnesses due to the fall in oil price.  pushes us to preserve the sovereignty of our economic decision as our political decision depends on it," Sellal stressed in the Government-Walis meeting. The government cannot tolerate a "high" level of debt as it "may compromise the upcoming generations' future," he affirmed, adding that "we must think about their future."  Read More

Implementation of strategy to ensure SMEs’ durability

14/11/2016

ALGIERS- Minister of Industry and Mining Abdesselam Bouchouareb underlined that the orientation bill on the development of small and medium enterprises (SMEs) debated on Sunday, provides for a support strategy to these companies in their different phases of life cycle.

 In his reply to questions of deputies of the People’s National Assembly, in a plenary session devoted to the debate on the bill and chaired by Mohamed Larbi Ould Khelifa, the speaker of the Assembly, Bouchouareb underlined that what characterizes this bill compared to the previous one (law 01-18) is the implementation of a development strategy for SMEs through the triptyque (creation, development, durability). Read More

Germany intends to contribute to Algeria’s economic development

17/11/2016

ALGIERS- Germany intends to contribute to the economic development of Algeria, through joint projects in the sectors of vocational training and youth, affirmed Wednesday, in Algiers, German Minister of Economic Cooperation and Development Gerd Müller. “We want to bring our contribution by supporting Algeria’s economic development through projects in the sector of vocational training and that of youth,” the German official told the press following his talks with Minister of Interior and Local Authorities Noureddine Bedoui. Read More

 Expenditure streamlining will not affect economic projects, vulnerable groups

16/11/2016

ALGIERS – Finance Minister Hadji Babaammi said Wednesday that neither the vulnerable segments of the population nor the economic projects will be affected by the streamlining of the public expenditure provided for in the Finance Bill 2017. The minister who was answering MPs’ questions during a Lower House (APN) plenary session said that the bill is based on an approach aiming at controlling the public expenditure and keeping the financial equilibriums, with the promotion of investments and the maintaining social assistance to the most vulnerable groups. Babaammi said that the recent decision of the Bank of Algeria to relaunch the refinancing of banks would provide additional liquidity of DZD350 billion to the banks, besides DZD 320 billion which will be generated following the decrease in the its reserve requirement ratio from 12 to 8%.Read More

Saudi Arabia seeks to boost economic relations with Algeria

16/11/2016

RIYADH- President of the Council of Saudi Chambers of Commerce Dr. Hamdan bin Abdullah Al-Samrain voiced on Wednesday his country's willingness to improve its economic relations with Algeria, through the promotion mutually beneficial projects. Speaking at the Algerian and Saudi Economic Operators Forum, Al-Samrain reaffirmed Saudi Arabia's firm determination to permanently strengthen and widen the economic relations between the two countries through the development of investments to open up new prospects for trade. For the Saudi official, the Algerian-Saudi business council must be a genuine channel of cooperation in various vital economic fields and an effective tool for monitoring the execution of cooperation projects between the two countries. Read More

Finance bill 2017 "preserves" citizens’ purchasing power, says Minister

16/11/2016

ALGIERS- The Finance Bill 2017 will contribute to "sustain" economic growth while preserving the citizens’ purchasing power in spite of the increases of the anticipated taxes, said Wednesday Minister of Finance, Hadji Babaammi. "It is a comprehensive and balanced bill that comes in a very difficult situation, which aims to guarantee the sustainability of the economic growth and the preservation of the citizens’ purchasing power," he told the press on the sidelines of the People's National Assembly (APN) plenary debates on this finance bill. Read More

Algeria maintains stable economic indicators despite oil crisis, says Sellal

12/11/2016

ALGIERS- Prime Minister Abdelmalek Sellal said Algeria has maintained stable economic indicators in spite of the sharp drop in oil prices in world markets. "In spite of a sharp oil shock which has reduced its resources by more than a half, Algeria has managed to maintain stable economic indicators and achieves an annual growth of 4% through over 25,000 new projects launched in the last three years," Sellal told Arab daily Asharq Al-Awsat in an interview. The Prime Minister said Algeria continues to raise the level of credits for economy (annual average rise of 10%), adding that the step has allowed it to curb unemployment, mainly among the young, to 9.9 %. Read More

Governor of Bank of Algeria announces measures to facilitate exports

15/11/2016

ALGIERS-The Bank of Algeria will introduce "major reforms" to facilitate non-hydrocarbon export operations, announced Tuesday Governor Mohamed Loukal, referring to the extension of currencies repatriation delays and the creation of a foreign exchange market. "We are strongly willing to overcome hindrances to export. These structural measures will allow us to boost the export process," stressed Loukal at a meeting of the following-up committee of exports at the Trade Ministry, which he co-chaired with Minister of Trade Bakhti Belaib, in the presence of national exports."  Read More

Sugar imports up in first nine months

16/11/2016

ALGIERS- Algeria's import bill of sugar (beet sugar, cane sugar, lactose syrup and solid lactose) totalled US$649.34 million during the first eight months of 2016, against US$569.9 million during the same period in 2015, up by 14%, said the Algerian Customs' National Centre of Data Processing and Statistics (CNIS). The imported quantities of sugar (beet sugar, cane sugar, lactose syrup and solid lactose) soared to 1.61 million tonne against 1.44 million tonne (+12%) over the two comparison periods, stated the CNIS. The increase in sugar import bill is due to the rise in the imported quantity and import prices, added the CNIS. Read More

Implementation works of 50 industrial parks to be launched before end of 2017, announces Bouchouareb

12/11/2016

ALGIERS-The implementation works of 50 industrial parks intended for investment will be launched before the end of Q1 2017, announced Saturday Minister of Industry and Mines Abdessalem Bouchouareb. Speaking at the Government-Walis meeting held in the Palace of the Nations, the minister said that these 50 industrial parks will be distributed among 39 provinces over a total area of 12,000 hectares. Read More

OPEC: Algerian, Qatari oil ministers discuss implementation of Algiers agreement

 18/11/2016

ALGIERS- Minister of Energy Noureddine Boutarfa met Thursday in Doha Qatar's Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, with whom he broached "the prospects for the implementation of Algiers historic oil agreement, signed on Sep. 28," the ministry of Energy said in a statement. Read More

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