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Middle East Association holds Algeria Business Briefing in London

Rakesh Ramchurn

Sunday, 22 November 2009 10:58

Middle_East_Association_holds_Algeria_Business_Briefing_in_London

The Middle East Association (MEA) will be holding an Algeria Business Briefing on 16 December 2009 at Bury House in London. This briefing follows MEA Maghreb Business Briefing earlier this year, and lays the ground for delegates thinking about joining MEA Trade Mission to Algeria in January 2010.

Algeria is the second largest country in Africa, the third most populous in the Arab world, Africa’s fourth largest producer of oil and the world’s fifth largest producer of gas. Sound policies and limited integration in the international financial system have limited the impact of the last two years’ global economic downturn on Algeria, allowing it to record a 3% GDP growth rate in 2008. It has increased its international reserves to $135 billion while continuing to reduce its external debt to a marginal $4.5 billion (3% of GDP) and holding inflation to one of the lowest rates in the region. This puts Algeria in a strong position at the start of its 2010-14 five year programme which involves the investment of $150 billion in infrastructure projects.

In spite of slower liberalization in external trade in 2008 and a protectionist cap of 49% on foreign investors’ share in major ventures imposed in January 2009, the World Bank identified Algeria in its Doing Business in the Arab World 2010 report as among the region’s reformers in 2008-09.

Algerians hold British products in high regard and are keen to diversify away from France, which currently supplies over 30% of Algeria’s imports. Indeed, the UK exported £268 million of goods to Algeria in 2008 - up 59% on 2007 – and the UK is the largest foreign investor in Algeria. There are many opportunities for UK business in oil & gas, and over the next ten years US $1bn is being invested in pipeline construction. UK businesses are also involved in nickel mining, lubricants, agricultural machinery, education & training, pharmaceuticals, aerospace, timber, textiles, power supply and tourism

Those interested in attending Algeria Business Briefing on 16 December should contact the Middle East Association, click here

Global Arab Network

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Last Updated on Monday, 22 February 2010 14:45

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