Algeria :The urgency of a new economy less dependent on hydrocarbons
Experts stressed on Wednesday in Algiers, the urgency of developing a new economic policy to make the economy less dependent on hydrocarbons, turning the emphasis on the need to involve all national stakeholders to map the contours of such an approach, APS reports.
Source : https://www.marocafrik.com/english/Algeria-The-urg...
Professor Hocine Benissad called for diversification of the production system and export, currently characterized by an excessive dependence on hydrocarbons. He felt that the problem does not lie in the choice of policy to be followed, ie, opt for import substitution or retain export orientation .
"Choosing one or the other policy, or for both simultaneously, is not a problem. The key is to gather all the necessary conditions to begin the expected economic takeoff," he told a symposium organized by the Forum des Chefs d'Enterprise (FCE) on "the urgency of a new economy less dependent on hydrocarbons." According to this economist, it is essential to give priority to human resources, a potential that must be developed to stay abreast of future requirements.
Emphasising this point Professor Ahmed Bouyakoub, said the human resource is "a fundamental factor" for the success of any economic policy. He also highlighted the imporatnce of improving the investment climate and business environment for them to fully assume their role of creating wealth and jobs. The difficulty and complexity of economic construction in Algeria is such that many challenges remain, said Rachid Sekkak head of HSBC Algeria, calling for the development of a strategy to "get out of a rentier economy to an economy of production. "
The urgency for banks is to extricate the economy from its dependence on the state and vis-à-vis the resources of the Treasury, under the necessity of reforming the banking sector and develop the stock market to help finance the economy.
The economist Mourad Boukella pleaded for the reconfiguration of agricultural policy in order to contribute to improving food security, a goal that is achievable, he said,and also the development of industry excluding hydrocarbons. "The development of the agricultural sector is not sufficient by itself to achieve the goal of food self-sufficiency target," he said.
Seeking to turn an economy whose operation is dependent on hydrocarbons in a modern economy, the president of the Forum (FCE) Reda Hamiani, stressed the importance of "coming together around a consensus on the long term." Consensus, he said, which "can not be built and should be built only around the company." Mr. Hamiani suggested to the company, and especially private enterprise, in the center of national economic policy because, he said, "only the company is able to bring real prosperity." The FCE will present during this two-day symposium about fifty proposals for building an economy less dependent on oil, he added.
The economist Abdelmadjid Bouzidi presented, meanwhile, a retrospective of the development policies followed by Algeria since 1962, highlighting their strengths and weaknesses, as well as the successes and failures observed. He said that results were obtained over the past decade,including 5% economic growth and falling unemployment. However, he said, "this growth is ephemeral, extensive and costly since it was created by public investment". Mr. Bouzidi regretted the lack of economic diversification, always within the "role" of the State in the national economy.
"Choosing one or the other policy, or for both simultaneously, is not a problem. The key is to gather all the necessary conditions to begin the expected economic takeoff," he told a symposium organized by the Forum des Chefs d'Enterprise (FCE) on "the urgency of a new economy less dependent on hydrocarbons." According to this economist, it is essential to give priority to human resources, a potential that must be developed to stay abreast of future requirements.
Emphasising this point Professor Ahmed Bouyakoub, said the human resource is "a fundamental factor" for the success of any economic policy. He also highlighted the imporatnce of improving the investment climate and business environment for them to fully assume their role of creating wealth and jobs. The difficulty and complexity of economic construction in Algeria is such that many challenges remain, said Rachid Sekkak head of HSBC Algeria, calling for the development of a strategy to "get out of a rentier economy to an economy of production. "
The urgency for banks is to extricate the economy from its dependence on the state and vis-à-vis the resources of the Treasury, under the necessity of reforming the banking sector and develop the stock market to help finance the economy.
The economist Mourad Boukella pleaded for the reconfiguration of agricultural policy in order to contribute to improving food security, a goal that is achievable, he said,and also the development of industry excluding hydrocarbons. "The development of the agricultural sector is not sufficient by itself to achieve the goal of food self-sufficiency target," he said.
Seeking to turn an economy whose operation is dependent on hydrocarbons in a modern economy, the president of the Forum (FCE) Reda Hamiani, stressed the importance of "coming together around a consensus on the long term." Consensus, he said, which "can not be built and should be built only around the company." Mr. Hamiani suggested to the company, and especially private enterprise, in the center of national economic policy because, he said, "only the company is able to bring real prosperity." The FCE will present during this two-day symposium about fifty proposals for building an economy less dependent on oil, he added.
The economist Abdelmadjid Bouzidi presented, meanwhile, a retrospective of the development policies followed by Algeria since 1962, highlighting their strengths and weaknesses, as well as the successes and failures observed. He said that results were obtained over the past decade,including 5% economic growth and falling unemployment. However, he said, "this growth is ephemeral, extensive and costly since it was created by public investment". Mr. Bouzidi regretted the lack of economic diversification, always within the "role" of the State in the national economy.
Source : https://www.marocafrik.com/english/Algeria-The-urg...