Algeria establishes roadmap for a knowledge-based economy

The Algerian government has established a clear roadmap for a rapid transition to a knowledge-based economy, Prime Minister Abdelaziz Djerad said.

During the Oran Disrupt 2021 conference on startups, he stressed the need to intensify efforts and involve all stakeholders, based in Algeria or abroad, to achieve this goal.

The national economy currently needs companies that offer real added value and that rely on research and development to provide innovative products and services, he explained.

The government has decided to support innovators wherever they are, he said, citing the establishment of a regulatory framework for startups and an investment fund ensuring fluid funding of projects. innovations, as well as significant tax incentives in accordance with the finance law for 2021.

Djerad revealed the launch of the first project for startups, which will have branches across the country.

Meanwhile, the country’s foreign exchange reserves reached $ 42 billion, up from $ 60 billion in the first quarter of 2020.

Earlier this month, President Abdelmadjid Tebboune pointed out that by calculating the oil revenues for the past year, which stood at $ 24 billion, the country’s foreign exchange reserves fell from $ 60 billion to $ 42 billion. dollars, and they change every week.

The fall in world oil prices has seriously affected Algeria, a member of the Organization of Petroleum Exporting Countries (OPEC), where oil and gas exports represent 60% of the state budget and 94% of revenue. total exports.

In April 2019, reserves reached $ 72.6 billion, compared to $ 79.88 billion in December 2018 and $ 97.33 billion at the end of 2017.

Algeria uses its foreign exchange reserves to purchase import goods and services, amounting to $ 45 billion per year.

The government has attempted to reduce import spending to ease the financial pressure caused by falling oil and gas revenues.

Tebboune then underlined that “the new economic trend is to allow the importation only of what the national economy needs”.

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