Algeria must become less dependent on oil, says Bouteflika
Speaking to workers in the Hassi Berkine oilfields, in the southeast of Algeria, President Abdelaziz Bouteflika said that it is imperative that the country wean itself off its dependence on the hydrocarbon industry, reported Algeria’s official APS news agency.
At this stage it is not clear how long hydrocarbons will remain in adequate supply, Bouteflika stated. At present, oil and gas comprise 96 percent of Algeria's exports.
Algeria must be prepared for the end of hydrocarbon-based economy, the president said. Other business sectors should be developed, including industry, agriculture and hydraulics. Bouteflika said that such changes could come through foreign partners and private investment.
As it so happens, Algeria's non-hydrocarbon-related business saw their share of the country’s gross domestic products slip by between 1 and 4 percent per annum during the 1990s. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
- Persistent post-Arab Spring cronyism: Algerian businessmen are pouring endless cash in Bouteflika's re-election
- Denial is unaffordable: Iran unveils revised budget based on lower oil prices
- The United States' creeping energy revolution that Middle Eastern oil producers must come to terms with
- Is trust the only missing ingredient from Egypt's economic reform recipe?