Algiers — President of the Republic Abdelmadjid Tebboune called Sunday in the Council of ministers to take practical measures to speed up the implementation of a new economic model based on development diversification and knowledge economy.
“President Tebboune insisted on taking practical measures to speed up the implementation of a new economic model based on the diversification of development and knowledge economy, in addition to a new industrialization policy steered towards small, medium and emerging industries, pointing out the importance of giving the priority to the products with high integration rate,” said the communiqué of the Presidency of the Republic.
“This industrial policy will allow reducing the import bill and creating jobs,” added President of the Republic.
Speaking after the presentation by Minister of Industry and Mining Ferhat Ait Ali Braham on the state of his sector, President of the Republic ordered to make an inventory of all unexploited national natural resources to “strengthen our export capacities, offset lower hydrocarbon revenues and preserve this wealth to the coming generations,” said the source.
Commenting on this presentation, President of the Republic affirmed that the assessment must be based on real facts to come out with a clear vision of what we want to achieve.
Unfortunately, he lamented, this reality shows that we haven’t managed, to date, to produce locally at 100% a television or a refrigerator while Algeria possesses scientific experts in several fields. Experts who have shown their potential in our collective fight against the spread of the coronavirus pandemic, added President Tebboune.
Hydrocarbon exports: Algeria’s share to drop to 816,000 barrels as from early May
The Council followed a presentation by minister of Energy on this unprecedented crisis in the world oil market because of the fall in the demand following the spread of the new coronavirus pandemic and the anarchic production of some producing countries, leading to the saturation of markets and a collapse of prices, according to the source.
The presentation underlines that under OPEC’s current agreement on the decrease in oil production in three stages until April 2022, Algeria’s export share will fall, for a first stage, by 241,000 barrels/day, then 816,000 barrels/day as from 1 May.
This share will increase as from 1 July to 864,000 barrels/day to reach 912,000 barrels/day between January 2021 and April 2022.
President Tebboune also insisted on the need to “steer immediately towards the investment in renewable energy sector for exportation to immunize our economic independence from any contingencies that may occur in oil market.”