In view of the developments transformnig the Algerian economy from a state-oriented economy to an open economy on the fast track to liberalization, the Algerian government in cooperation with the Al-Iktissad Wal-Aamal group is organizing the second Algerian International Investment Forum, scheduled to take place in Alger-Algeria on April 17-18, 2002, Algerian Minister of Finance Mrad Medelsy told a press conference In Beirut, Lebanon. Medelsey said the forum will be preceded by the Arab Funds and joint Arab Institutions, to be held April 16-17.
The minister noted that so far the opportunity to establish private airlines has been granted, the Iron and solids sector was privatized—a strategic partner now owns 70 percent of the National Corporation for Iron and Solids—15 private banks are currently wholly-owned by the local and external private sector, and the Transportation and Electricity sectors are being liberalized.
Medelesy summarized the financial status of the Algerian economy through two substantial figures: Reserve for the hard currency reached $18 billion, reflecting significant economic activity in general and trade activities in particular, and inflation rate varying between two and three percent thus forming an appropriate economic platform for local and foreign investment.
The forum will be held under the patronage of the Algerian President Abd Al Aziz Boutaflika, with the participation of the Algerian ministers, Algerian Officials, heads of Arab Monetary funds, financial committees, Islamic banks and around 400 Arab and international leading figures in the economical and investment fields.
“The forum will be provide Algerian officials with the opportunity to present and describe the ongoing reform and liberalizing process in all fields, and it will allow investors to discuss the views of the local and international private sector with the Algerian officials,” said General Manager of Al-Iktissad Wal-Aamal Raouf Abu Zaki.
He concluded: “The nature of the Algerian economy is distinguished by various factors that form possible attractions for investment, headed by the investment size, with a population of over 30 million, in addition to the diversity of resources which include the strategic energy and oil sector, huge agricultural resources, of which 50 percent remains unexploited, rich mineral wealth and small and large transformable industries, added to that is a very high level of education. Thus, the Algerian economy is designated to become one of the vital economies in the region and African Continent.” — (menareport.com)
© 2002 Mena Report (www.menareport.com)
