The minister of sustainable development and tourism of Montenegro, Branimir Gvozenovic, said that they expect annual revenues exceeding 1.5 billion EUR from tourism by 2026. He reminded that the world trends in tourism represent great potential for Montenegro since it is expected that in the next 15 years the number of tourists increases by 67%. In 2015 revenues from tourism amounted to € 794 million while this year they expect revenues of over 850 million euro. Montenegro in the coming period will support the construction of high category and the increase of 76 hotel accommodation of around 8,000 units.

(ITALPRESS/MNA).

Source: medNews

The Central Bank of Lebanon (BDL) will launch early next year of a 80 million euros credit line (about 89 million dollars) for energy efficiency projects and renewable energy. The credit facility is funded by the European Investment Bank (EIB) and FROM ‘Agence Française de Développement (AFD).

The European Union (EU) will provide technical assistance through a team of international experts and national authorities to support the BDL and the private banks in the definition of the financing plan. The loans will be given in US dollars, even if the received funds are in euro. The credit line will be operational by January 2017.

(ITALPRESS/MNA).

Source: medNews

According to data provided by the Office des Changes, at the end of August 2016 the garment industry in Morocco has been an increase in exports by 8% compared to the first eight months of last year. Moroccan exports of clothing during this period amounted to 15 billion dirhams (nearly 1.4 billion EUR), while the knitwear amounted to 426 million euro, achieving a slight improvement. L ‘Moroccan association of producers (Association Marocaine des Industries du Textile et de l’Habillement) explains this positive trend thanks to the growing progress of the Moroccan garment industry in the markets of subcontracting in the European Union. In a year, Morocco has gone from 7th to 3rd place in the ranking of EU suppliers, preceded by Vietnam and Cambodia, whose respective sales on the European markets were up by 6.8% and 6% .This development is due to a favorable sectoral economic period characterized by the return of the Moroccan textile industry in the sourcing strategies of European buyers. This is thanks to a strengthening of supply and a political stability that favors the country compared to its direct competitors in the Mediterranean basin (Turkey, Tunisia and Egypt). Moreover, the upward trend in costs in Asian countries constitutes an advantage which Morocco can ‘use in order to consolidate its position. For the benefit of the Moroccan clothing production, it is finally considered the industrial trend ‘fast fashion’ which focuses on the geographic proximity and prompt deliveries.

(ITALPRESS/MNA).

Source: medNews

The Minister of Agriculture and Livestock, Faruk Celik said in a TV interview that Turkey will adopt a “new model of agriculture” to elevate the production value of the sector of about 11 billion Turkish liras (3.7 billion dollars). The Ministry will announce shortly how the incentive offered by the new production model, based on the criterion of productive basins.

Celik reported that 41 reservoirs have been identified, and only those who work in the pre-selected products benefit from government support. The Minister added that the ultimate goal is to increase the average size of the fields, in order to increase productivity and profitability.

In predicting the increase of 11 million Turkish lira of annual returns, Celik noted as agricultural production in 2015 exceeded 117 million tons, an increase of 2% over the previous year.

(ITALPRESS/MNA).

Source: medNews

A new law on investment was approved. The new Code provides more services to investors in terms of market access and the total or partial liberalization of about half of the country’s economic activities. In particular, it is planned to abolish the authorization by the Investment Board for all those businesses that have a foreign stake of less than 50% (about 49 activities). The bill also addresses the issue on the use of foreign executives. In particular, businesses may take up to 30% of foreign managers. As for the development of investment, the new code aims to be more liberal in making it possible for foreigners to own agricultural land and property. To encourage investment, the legislation provides for the creation of a single income tax, equal to 15%, with an exception for protected areas, telecommunications, financial sector and hydrocarbons in which would apply a tax of 35%.

(ITALPRESS/MNA).

Source: medNews

65% of farms in Albania operate in black: it reveals a study carried out by the Council for Albanian investment. Across the country there are 450 farms dedicated to the production of milk and dairy products, of which only 150 are working in full compliance with the legislation. According to the study, published by Monitor, in addition to the problem of tax evasion, this situation is also considered critical with regard to quality control and product safety. The entire milk production in Albania amounts to about 1.1 tonne per year.

(ITALPRESS/MNA).

Source: medNews

Entrepreneurs, managers of international financial world as well as 72 heads of state and finance ministers from several countries are expected to Tunis 29 and 30 November next on the occasion of Tunisia 2020, the International Conference for the support of economic development, social and sustainable Tunisia, during which the Five-Year Plan of Tunisian Development 2016-2020 will be presented.

“We have many competitive advantages in Tunisia and this will be an opportunity to explain the economic actors”, Mourad Fradi, Commissioner-General to the Conference says. The event is organized by the Ministry of Development, Investment and International Cooperation, in collaboration with the Tunisian foreign ministry.

The conference program will focus on the five points of the Tunisian development plan (governance and administration reform; infrastructure and major projects, human development and social inclusion, regional development, sustainable development and green economy) and will address specific themes 9 in 4 sessions plenary, particularly digital economy, tourism, education, aviation industry, mechanical and automotive, healthcare and pharmaceutical industry, textile, electricity and renewable energy, agriculture, food processing and water management.

(ITALPRESS/MNA).

Source: medNews

The US group Eaton, specializing in the production of energy management systems, has opened in recent days the new production site in the free zone Midparc in Casablanca. It is a new factory of some 13,500 square meters, which replaces the previous one, which was located in the town of Berrechid. Following this expansion, which involved an investment of 12 million dollars, the Eaton workforce in Morocco will increase from 300 to 500 employees. Among the reasons that have encouraged this investment in Morocco, according Revathi Advaithi, director of operations for the electrical sector Eaton insist the skilled workforce, economic stability and the proximity to the ‘Key’ customers of the company, Europe and Africa. Frank Campbell (president of Eaton’s electrical sector for Europe, Middle East and Africa) has also expressed its intention to continue to take in the future local workforce, which now represents 99.9% of the workforce. Globally, the Eaton group recorded a turnover of 20.9 billion dollars in 2015; the company has about 96,000 employees worldwide and markets its products in more than 175 countries.

Eaton specializes in energy management systems, hydro-magnetic switches, accessories for inverters and power distribution units and directed their production of the aeronautical, defense, IT, telecommunications, housing construction. The American giant, present in Morocco for forty years, he first made his debut in the commercial sector and then spread in the industrial sector for about 17 years.

Moulay Hafid Elalamy, Moroccan Minister of Industry, announced that the new factory will cater to local subcontractors to the extent of 20% at the start of production. One of the US industry suppliers will be the Aluminium du Maroc group. During his speech, the Minister noted that the new factory in Casablanca Eaton will produce electronic components that until now were manufactured in China, but from now on will be fully realized in Morocco.

(ITALPRESS).

Source: medNews

“Valuing Mediterranean specificities of agriculture and its products to place them with greater force to the center of the European agenda to avoid being sacrificed on the altar of international political games without any consideration of the impact on the territory, health, environment and employment”. This is the objective of the Task Force Mediterranean desired by the president of Coldiretti Roberto Moncalvo, first vice-president of European farmers, Copa, and approved unanimously by the EU agricultural organizations and cooperatives. The initiative – said Moncalvo – the eve of the ratification of the agreement between the European Union and Southern African Development Community, primarily South Africa to increase the input subsidized period of oranges, after similar agreements have resulted in the invasion of Tunisian olive oil, Moroccan tomato, Cambodian rice and Vietnam with a heavy impact on Mediterranean production. This is to protect a European heritage that not only generates wealth and jobs thanks to record-breaking numbers for added value and high use of labor compared to other sectors but – continues Moncalvo – allows you to bring the EU and worldwide market the highest quality products as evidenced the recognition of the Mediterranean diet as intangible heritage protected by UNESCO. “The Mediterranean is not only the cradle of civilization and values that are the basis of our Europe – says the president Moncalvo – but also offers significant prospects for development of agriculture and the EU economy.

(ITALPRESS).

Source: medNews

Leonardo-Finmeccanica announced that an industrial and trade partnership agreement was signed with the Algerian Ministry of National Defence on August 11th.

The agreement foresees the establishment of a joint company to produce light and medium weight category helicopters at an industrial site in Aïn Arnat. After the completion of the facility and during the early years of activity, the joint company aims to manufacture three different AgustaWestland helicopter types for various uses including transport, medical evacuation, surveillance and control.  

The joint company will also benefit from a local and international distribution network and aftersales services including a range of repair and overhaul capabilities and training solutions for the Algerian Ministry of National Defence and other customers. The industrial programme will also support the development of high technology capabilities in the field of aeronautical material production.

(ITALPRESS/MNA).

Source: medNews