Interview with President Bouteflika- Oxford Business Group-document

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The diversification of the national economy is a “central and paramount” objective, which the so far achieved are “not negligible,” but remain “insufficient,” said President of the Republic  Abdelaziz Bouteflika, in an interview to published in Oxford Business Group, published Wednesday in its 2018 Algeria section.

 

The “economic diversification is a central and paramount objective of our economic approach. Its achievement is not simple, it requires appropriate economic, industrials and agricultural policies, time and consistence in their implementation,” added the Head of the State.

According to President Bouteflika, the diversification “also requires the mobilization of all efforts and all the players of development, namely the public authorities, local assemblies, national public and private companies, but also the foreign companies which can greatly contribute to our economy.”

For him, a commitment was made several years ago and it is being applied on the ground.

In this regard, the President recalled the various public investment programmes which contributed to reinforcing the basic infrastructure networks, creating jobs, promoting investment opportunities, supporting the citizens’ purchasing power and their living conditions.

The Head of the State stressed the industrial redeployment and investment-boosting policies which helped the recovery of the industrial activities (steel, pharmaceutical, automobile, electronic, food processing and cement industry…).

The “level reached by the diversification of the national economy is significant. However, it remains insufficient to sustainably balance the sector-based added values and constitute, through the promotion of the exports of goods and services, a serious alternative to hydrocarbons,” added the President of the Republic.

Expected increase in non-hydrocarbon growth over the period 2020-2030

Algeria will continue to encourage both domestic and foreign investments, especially in sectors and industries with high added value, like renewable energy, agribusiness, services and the digital economy, hydrocarbon downstream activities and the mining sector, tourism and logistics areas, he detailed.

“We expect from this new approach to growth not only the gradual return to the balance of the public accounts, but above all, an increase in non-hydrocarbon GDP growth over the period 2020-2030. We also expect a significant increase in GDP per capita, a substantial rise in the share of manufacturing in the total value-added, a transformation of our energy model so to save our non-renewable resources and diversify our exports to enhance the financing of growth “, he said.

 

Expected increase in non-hydrocarbon growth over the period 2020-2030

Algeria will continue to encourage both domestic and foreign investments, especially in sectors and industries with high added value, like renewable energy, agribusiness, services and the digital economy, hydrocarbon downstream activities and the mining sector, tourism and logistics areas, he detailed.

“We expect from this new approach to growth not only the gradual return to the balance of the public accounts, but above all, an increase in non-hydrocarbon GDP growth over the period 2020-2030. We also expect a significant increase in GDP per capita, a substantial rise in the share of manufacturing in the total value-added, a transformation of our energy model so to save our non-renewable resources and diversify our exports to enhance the financing of growth “, he said.

Link to the interview:

https://oxfordbusinessgroup.com/interview/sustainable-strength-president-abdelaziz-bouteflika-how-long-term-diversification-regional

 

APS

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