THE
NORTH AFRICA JOURNAL
147th. Issue
Week ending June 5, 2004
entire PDF
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American Investments in Algeria Neared $3 Bil. in 2003
American investment in Algerian is one of the highest among the North African country’s key trading partners. U.S. top diplomat in Algeria Richard Erdman reported last week that American investment there reached $2.8 billion in 2003. But with the exception of water desalination projects, U.S. investment in Algeria focused almost exclusively on the petroleum industry.
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Agriculture:
Output in Algeria Up 24% in 2003.
$1.2 Billion Poured in Agriculture in the Past 3 Years
The farming sector in Algeria is currently enjoying a great deal of recovery. Improvements in the country’s finances are helping fund other strategic sectors and agriculture is on the top of the list. The strategic importance of agriculture comes from two critical factors. The first is that a strong agriculture would lessen dependency on foreign imports and would result therefore in increased foreign currency savings. The second is that a strong agriculture sector is labor intensive and thus would create much needed jobs, particularly in economically depressed rural areas.
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Banking:
Reforming State-Owned Banks in Morocco
State banks in Morocco have operated in a slow evolving environment, but the situation is accelerating as the country prepares to anchor its economy with that of the European Union. Painful reforms and restructuring, mergers and consolidations, and other programs have all led to a changing landscape in the financial sector as Morocco prepares to enter a new era of a borderless and global trade.
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Fisheries/Environment:
Octopus Fishing in Tunisia Hits Record Low
Octopus fishing in Tunisia has hit a record low this year. The fast declining catches are indicative of an activity characterized by excessive and uncontrolled exploitation of fisheries stocks in the region. The problem is further magnified in the Sfax region, where the livelihood of entire households is at risk.
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FDI/Trade
French Economic Interest on the Rise in Algeria, Focus on Petroleum Industry
French economic interest in the their former colony is on the rise, and petroleum is a major driver in attracting French investment there. In the current visit of French economy minister, a strong delegation of business leaders is accompanying him, including Thierry Desmarets, the powerful boss of the oil company Total. Total is also the world’s fifth largest oil company.
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Finance:
Maroc Telecom Seeks Floatation in 2005
The Moroccan telecommunications company Maroc Telecom (MT) is preparing for an initial public offering. At the end April 2004, the Moroccan government issued a tender inviting investment banks to compete for the MT floatation project. Three banks have just been selected. They are the American Merrill Lynch, the French BNP Paribas and the Moroccan Attijariwafa.
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Industry:
Risk of Liquid Steel Production Decline at Ispat Plant this Summer
The production of liquid steel at the Ispat Annaba plant in eastern Algeria, and which has doubled since the Indian firm took over the company is now at risk of falling drastically this coming summer after the company tremendous efforts to boost the plant’s output. In 2001 the output of liquid steel was 700,000 tons, but Ispat managed to double it to 1.4 million tons by 2003.
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Agriculture:
Morocco to Lift Ban on Dairy Cow Imports, But Stringent Restrictions Will Remain
It is not the just crude oil prices that have been on an upward movement in Morocco, but the price of red meat has also been increasing. The price hikes at the market is the result of higher prices of livestock and higher fattening cost. This is having a more pronounced impact on bovine meat in particular, with prices reaching DH 70 per kilo. But that’s not all. Morocco’s banning of the import of animals has also something to do with the pressure on the market. That is likely to change as the government eased some of the restrictions on import.
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