Algeria looks at ‘reindustrialisation’ to reduce dependence on oil and gas
ALGIERS — Algeria’s disappointing economic performance, with its reliance on oil and gas, is spurring a push to revive long-neglected industry as the way forward.Prime Minister Abdelmalek Sellal told business leaders and trade unionists last Thursday that "reindustrialisation must be the engine of strong and healthy economic growth", creating sustainable employment and a far greater share of gross domestic product (GDP)."It’s the only way we can effectively break out of this vicious circle of dependence on hydrocarbons," he said.Oil and gas exports account for more than 95% of foreign currency earnings.In contrast, economist Abdelatif Rebah said the industrial sector accounts for only 4% of GDP, compared with around 25% in the mid-1980s. The sector has suffered from decades of under-investment, restructuring and downsizing, he said.Algeria enjoyed an industrial boom in the 1970s, when investment multiplied 15-fold, according to Mr Rebah, who said that between 1968 and 1980 investmen...
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