Algeria: cabinet wants to reduce hydrocarbons' relevance

Tebboune, 'we are investing in small companies, startups'

29 July, 18:21

    NAPLES - Algeria will implement a government plan to reduce the weight of hydrocarbons on the national economy, said the president Abdelmadjid Tebboune, stressing that ''the richness of hydrocarbons is a blessing but the absence of justice and the persistence of a spirit of reliance have transformed this blessing into an evil. It is time to convert this richness into a tool of development''.

    The turning point comes during the Covid-19 crisis when Algeria's reliance on oil exports has exposed the country to price fluctuations in the sector which represents nearly 96% of exports, according to statistics.

    The new program vies to lower the percentage of hydrocarbons in the national economy by the end of 2021 and, in order to succeed, the government wants to accelerate business investments by helping the creation of small and medium-sized companies. The government is also expected to focus on the agricultural sector.

    ''The economy of knowledge and intelligence - continued Tebboune - is the basis of the project, especially Algeria which hides a great richness that has not been exploited yet.

    Unfortunately, a certain mentality has influenced the national economy for decades to the point where we are now forced to import vines, something which is unacceptable. The economy can't continue to rely on hydrocarbons, it is necessary to look for alternative resources in which the human resource will be the basis to kick start the economy''.

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