Bachir Messeitfa: “Algerian Market Is A Safe Haven For Britain”

Algeria will not face any financial or economic shock, due to the vote of the British citizens to withdraw from the European Union, Former Minister of Prospective and Statistics and Economist Bachir Meseitfa, told Ecohorouk.

“Investment basis 51-49 is enough for protecting foreign investment in Algeria, and securing it from any sudden decisions. Algeria’s interests in Europe are linked primarily to France, Italy, Spain, and Germany before Britain.”

“Majority of Britain’s investments in Algeria are related to the energy sector, gas and oil fields. Britain is unable to withdraw from the southern fields, by virtue of its commitment to work in Algeria under the rule of investment 51-49. Britain is keen to stay in the Algerian market because it is one of the open havens after the wrath of the old continent against it.”

“The decision will not affect even the national currency, the dinar, due to the absence of the relationship between the Algerian and British currencies, despite the decline in the British pound, on Friday, to its lowest level since 30 years, as it collapsed in a matter of hours by 9% against the US dollar. Premature withdrawal of France, Belgium, Scotland and the Netherlands from the European Union, despite the boiling after Britain’s declaration of its choice to withdraw from the European Union, and even though, it will assess the situation, as the exit of any country from the euro zone at the present time is a tantamount to the economic suicide. Euro Zone includes 27 countries, and not just Britain.”

“Britain began to pay the price for its decision hours after the announcement of its withdrawal from the European Union, through the departure of investments and companies, and the closure of institutions, firing of workers and the collapse of the currency, although it is the second economy in Europe and the fifth globally. How the situation will be for the least developed countries, which is like the dominoes game. Negotiations to amend the partnership with the European Union and will continue in the same form and context, and the bilateral part with be cancelled with Britain. This will not affect the effectiveness of the Convention for Algeria, as Britain will remain an important energy partner for us outside the EU.”