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We have reforms to complete to boost foreign investment (Chalghoum).

30/10/2018 18:12, TUNIS/Tunisia

(TAP Correspondent Samia Boukhatem) - Tunisia has made some progress in improving the business climate, but we still have a lot of reforms to complete on time, so to boost foreign investment in Tunisia, Finance Minister Ridha Chalghoum told reporters on Tuesday.

The minister, who is part of the Tunisian delegation participating in the G20-Compact with Africa (CwA) conference, pointed out that reforms have been initiated to improve the services provided by the administration, adapt training to the needs of local businesses, strengthen support and supervisory mechanisms and update the legal arsenal.

"Today, it is essential to establish the pillars of the freedom of investment, including the freedom to transfer capital and gains outside the country and the transparency of transactions, which is likely to ensure the sustainability and extension of existing projects and attract new investments, "said Chalghoum.

He cited as an example the project that will be launched soon by Leoni Tunisia, which will "mobilise an investment of up to 50 million (more than 170 million dinars)".

He reminded, moreover, that Tunisia is ranked 3rd in Africa, in terms of investment attraction, which proves "that we are on the right track".

In this context, he said that European partners, including GIZ, the European Investment Bank, and the German Secretary of State to Finance, cited Tunisia as an example of success during the panel, organized in the framework of G20- CwA on "Private Sector Engagement in Africa".

According to them, Tunisia has managed to make significant progress in terms of stabilising the macro-economic framework (economic recovery and control of fiscal balances) and improving the business climate.

While emphasizing the logistical problems, the minister said that the government will initiate a project of redevelopment of the country's various ports, especially that of Rades, mobilising significant investments.

The report of the conference, published in April 2018, by the G20-CwA took stock of the progress already made in the different countries.

With regard to Tunisia, the report has revealed that the objective is to improve the conditions for local and external investment.

The report noted "the efforts of the authorities to improve the business environment and remove obstacles".

These include regulatory obstacles related to market access, the simplification of procedures, the lifting of a large number of authorizations..., as well as logistical obstacles relating to port infrastructure.

Therefore, it is necessary to set up new equipment and increase the number of wharves in the existing ports on the one hand and to concretize the deep-water port project of, on the other hand.

The report also cited financial obstacles, saying that "the financing of investment is a brake on private initiative".

In this respect, the reform of the banking and financial sector (banking restructuring, private equity, micro-finance, creation of a bank of regions, etc.) is at a very advanced stage of implementation, according to the document.

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Publication:Agency Tunis Afrique Press
Geographic Code:60AFR
Date:Oct 30, 2018
Words:489
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