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Gareth Thomas MP, Former Minister for Trade, Development and Consumer Affairs (jointly with DFID)
London, 06 November 2008
Thank you Lady Olga for your kind introduction.
Your Excellency, Ambassador, distinguished guests, ladies and gentlemen.
As Minister for Trade and Investment I am delighted to welcome the Algerian Minister for Industry and Promotion of Investment, His Excellency Abdelhamid Temmar and our other Algerian guests who have travelled to London for this conference.
I particularly want to acknowledge also the support of the Middle East Association (MEA) in helping to organise today’s event and who along with UKTI working so hard to help open doors for UK companies.
As a number of you will be aware a trade mission is planned to Algeria in 2009 as a follow up to today’s conference.
Trade missions provide an important route into new markets, and I would urge companies, firstly to consider joining such a mission but specially especially those new to the Algerian market, to take advantage of the wealth of experience and knowledge that UK Trade and Investment and the Middle East Association can offer.
I and the British Government more broadly attachattaches great importance to developing our trade and investment ties with Algeria.
Crucial to this strengthening of relations between our two countries is the UK/Algeria Ministerial Dialogue.
This allows us to discuss issues of mutual importance in areas such as legal and judicial co-operation.
We are starting to see more ministerial visits to each other’s countries.
My friend and colleague the Minister for North Africa, Bill Rammell will visit Algeria later this month to co-chair talks on political and regional issues, and I look forward to co-chairing talks, with you your Excellency, on bilateral economic and commercial issues when I visit in 2009.
And I know HRH the Duke of York, UK Special Representative for International Trade and Investment had a very productive visit last year and hopes to visit again.
Your Excellency, the UK congratulates the Algerian Government (particularly President Bouteflika) on your collective commitment to the establishment of open markets with the increased opportunities the resulting economic prosperity will bring for the people of Algeria and Africa.
We urge you to keep up the pace of reform. Change is never easy, but I am sure the rewards will be substantial.
We all need to respond to the challenge of globalisation,
especially in economically difficult times, by raising productivity and competitiveness, and making progress in key areas such as education and skills; science and innovation; and boosting enterprise.
Indeed it is particularly important during these times that we resist the temptation to close our markets to foreign competition.
Sensible market liberalisation offers considerable benefits to producers and consumers in developed and developing countries, with new markets for exporters and investors, and cheaper, more diverse goods and services for consumers.
The UK has considerable experience in reforming our economy through, for example, the strengthening of labour laws and the introduction of public-private partnerships.
The liberalisation of our economy has brought considerable benefits to the UK - currently the 5th largest economy in the world.
Britain’s success through economic liberalisation, notwithstanding our current challenges, is one reason why we are championing the current round of world trade talks. The benefits of the Doha Development Round of world talks are potentially worth £100-£150 billion so we are determined to do all we can to generate the political will across the globe to close a deal.
Our open economy has also been particularly attractive to foreign investors, and indeed the UK is the number one location for inward investment in Europe.
Your Excellency, you will have noted the remarkable success of Lewis Hamilton – Britain’s newest world champion drives for McClaren. Six out of the ten Formula One teams are based in Britain, benefiting from, and in turn contributing to, UK advanced engineering expertise.
British business in Algeria has grown and prospered over the last few years – BP is now the largest foreign investor in Algeria’s oil and gas sector, and many of you have played your own important part in the development of commercial relations between our two countries.
Bilateral trade now exceeds £1 billion annually, so I for one do not subscribe to the view that the region is a place where only the French do business.
As speakers today will highlight, there are opportunities in particular in oil and gas, infrastructure, education and skills, pharmaceuticals, financial services and telecommunications.
And Algeria is an increasingly attractive investment destination.
Your Excellency, I hope you will establish an investment office in London in order for this relationship to be developed further.
Many of you here today have extensive experience
of working in international markets, and specifically Algeria.
So too does UKTI, which works closely with the Algerian Embassy here in London to build closer working relationships with business.
The UKTI team in the British Embassy in Algiers has extensive knowledge of local markets and business practices in Algeria.
The UK defence sector is pursuing opportunities in
the Algerian Armed Forces modernisation programme, and a UKTI Defence and Security Organisation post will be established at the British Embassy shortly.
UKTI can help identify local business partners throughout the country and help you develop your business in the Algerian market.
They will do everything they can to help you succeed in this interesting market which combines traditional values with a modern outlook on the world, and a determination to enrich its people through international business and cultural exchange.
Today, you will be hearing from a number of companies with practical knowledge of doing business in Algeria.
I am sure their experiences will help you as you pursue your own business interests.
The UK government stands ready to work with Algerian government to promote increased trade between our two countries. In particular I am keen to visit to follow up on this conference.
In closing, may I again thank His Excellency Abdelhamid Temmar and his team for joining us today, and the Middle East Association for working with UKTI to ensure the success of this event.
I wish you all every success in building new business partnerships and look forward to hearing of your progress.
