Algerians barred from investing in banks, airlines, maritime transport and energy
Heads of private institutions, called upon the government to reconsider its decision to liquidate the private banks and airlines in 2006, and decided to prevent the private national capital from investment in the sectors of banking, airlines and shipping, by making activities of the hydrocarbon sector a natural reserve for non Algerians, despite the fact that these sectors are not considered at all a strategy in the state with an open economy and the countries that respect the principles of economic freedom and freedom of entrepreneurship.
The honorary president of the forum of heads of enterprises Omar Ramdan said, during a conference on “relationship of the Algerian institution with the national financial and banking system”, that it is unreasonable that the Algerian government continued to prevent Algerians from practicing some of the business, especially when it comes to investing in the areas of banking, aviation, shipping and energy, the sectors that were delivered on a platter of gold to foreign persons of Arab and European nationalities that are not paying any attention to the national security of Algeria, and are on their way to become richer after centuries in their countries of origin.
“Government did not understand yet that foreign direct investment does not build Algeria, and that their sons can do it by working to upgrade the national industry with service and variety, and by clearing business climate that will ensure freedom of individual and collective initiative for the public and private sectors.The good business climate and freedom of initiative allowed a country like Korea to double its national output during the last 50 years to 400 times, despite it is a poor country in terms of primary resources, while Algeria is unable to double its national output by only 50 times, although it is richer in terms of natural resources and energy”, he added.
Heads of private institutions tried to make the public banks responsible for their failure, but the General Commissioner of the banks and financial institutions Abderrazzaq Trabelsi, responded strongly to the charge, pointing out that 53% of the loans that were granted to the banks for the economy was for the private sector, and asserting hat the state provides record facilities for the private institutions that do not stop asking for more facilities rather than more effort.
94% of the Algerian institutions rely on the state banks to obtain funds and various loans, given that they are just small family institutions that refuse to open its capital to shareholders outside the family or on the stock exchange, rejecting all the rules of transparency that are imposed on capitals and modern rules of management.