Foreign shipping companies causes $ 8 billion loss to Algeria yearly
The transportation Ministry has started an all-out operation to review the sector’s activities including those related to the foreign shipping companies following staggering losses registered by the public treasury since the opening of the sector to the international operators in 1998.
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The losses were estimated at $ 8 billion between the periods 2000 and 2010 mainly due to the hegemony of the foreign companies over the sector and their reluctance to invest on the Algerian market.
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The Ministry has summoned the professionals of the sector to make their activities into conformity obliging them to open up their companies’ capital to domestic investors following the example of the regulations in- force all over the world.
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The companies that started their activities in Algeria in 2005 control 80% of the market’s shipping traffic yearly.
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As a consequence of these irregularities, the Algerian public treasury is not only losing staggering sums in hard currency but also facilitate the transfer of some $ 600 million of these companies’ benefits abroad, it said.
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