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Country name: Tunisian Republic
Population: 10,276,158 (July 2007 estimate)
Land Area: 155,360km²
Official Language: Arabic and French for commerce; English is now quite widely spoken
Currency: Tunisian Dinar (TND)
Capital: Tunis
Main Cities: Bizerte, El Kef, Gabes, La Goulette, Nefta, Hammamet, Sfax, Sousse, Tozeur and Monastir
Tunisia lies on the north coast of Africa, occupying an area approximately the size of England and Wales. Wealth distribution is quite even, providing a relatively large middle-class (estimated at 65% of the population) with sizeable purchasing power. The Tunisian population as for 2006 stood at approximately 10,200,000. According to World Bank Development Indicators 1999, the population is expected to reach 11.7mn in 2015. Some 30,000 expatriate Europeans are resident in the country.
Tunisia, the smallest of the Maghreb countries with an area of 164,150 km2, is bounded to the north and east by the Mediterranean, to the south-east by Libya, and to the west by Algeria. The capital city is Tunis. Arabic is the official language but French remains the main language of business.
Tunisia has a diverse economy, with important agricultural, mining, energy, textiles, tourism, and manufacturing sectors. Tunisia has adopted an ambitious development project whose main policy objectives now and in coming years include reinforcement of the competitiveness of the economy, the promotion of the private sector, the establishment of quality infrastructure and the development of human resources.
Government control over economic activities has gradually loosened over the past decade with increasing privatization, simplification of the tax structure and a prudent approach to debt. Progressive social policies have helped raise living conditions in Tunisia relative to the region. However, real growth slowed to a 15-year low of 1.9% in 2002 because of agricultural drought and a reduction in tourism activities under the impact of the conflict in Iraq. Better rainfall in 2003 and 2004 have since helped push GDP growth above 5%. Tunisia is gradually removing barriers to trade with the European Union. The government meanwhile has doubled this year’s budget for tourism promotion. In recent years Tunisia has been focusing on developing its IT sector and set great store on its role as host of the high profile UN-backed World Summit for the Information Society (WSIS), which was held in Tunis in November 2005.
Tunisia's skillful macroeconomic management and commitment to reforms during the past decade have resulted in improved economic growth and social conditions. Annual real GDP growth averaged about 5% during the past decade. As a result, Tunisia's GDP per capita is among the highest in the region. The IMF has supported the country’s efforts with technical assistance and policy advice and according to the organization, Tunisia illustrates perfectly the importance of national ownership of policies for successful reforms.
A key objective over the medium term is to substantially reduce unemployment by significantly raising the already strong growth rate of the economy. The strategy presented in the 11th Plan to meet this objective is ambitious, yet achievable if the pace of reforms is accelerated on three levels: first, Tunisia's economic position should be consolidated further; second, the financial sector should be strengthened; and third, regional and global integration should continue.
The IMF has congratulated Tunisia for its emphasis on economic reforms and has urged further liberalization and improvement in the business climate to promote domestic and foreign investment. Strengthening the financial sector is seen as a priority. In particular, efforts are underway to reduce the level of non-performing loans. “I am encouraged by the progress in the implementation of most of the recommendations of the Financial Sector Assessment Program conducted in collaboration with the IMF and the World Bank,” stated IMF Deputy Managing Director Murilo Portugal on April 6th following an official visit to the country.
Tunisia is actively promoting regional and global cooperation. The Association Agreement with the European Union provides for eliminating tariffs on manufactured goods by 2008. Tunisia also supports Maghreb integration, particularly through the recent initiatives endorsed by the IMF. Several bilateral free trade agreements have also recently been signed. The momentum towards deeper economic integration should continue.
A planned regional bank based in Tunis will begin operations with $500 million in capital earmarked to boost investment and foreign trade, officials said on February 12th, 2007, at a meeting of the Arab Maghreb Union (AMU). The announcement represented a success for both Tunisia’s banking sector as well as for regional integration.
Meanwhile, statistics have shown an increase in electronic-banking cards and tellers in Tunisia. According to numbers published on February 11 by the Arab Tunisian Bank, a Tunis-based private commercial lender, the number of bank cards in use increased 15% from 2005 to 2006 to 1.1m. The country’s roster of bank tellers rose to 838 last year from 729 in 2005, a 15% advance.
The new regional bank, the Maghreb Bank for Investment and Foreign Trade, hosted its first shareholders’ meeting in March. The AMU, whose members include Algeria, Libya, Mauritania, Morocco and Tunisia, have also announced a federation for exchange between businessmen in a bid to boost private-sector participation in the economies of the Union’s states.
Privatization in Tunisia has been so successful that the country is reportedly running out of assets to sell off. The program which began in 1987 continues, however, but at a less intense pace than in the past. On January 12th, 2007, the Direction Générale de la Privatization, Tunisia's privatization authority, announced it was calling for tenders for a 76% stake in the state-owned retail chain Magasin Général, which has a profitable chain of 43 outlets.
Bids were also recently called for the privatization of the state-owned producer of electrical transformers and power and solar water heaters, Société Anonyme de Constructions Electromécaniques (SACEM).
Another enterprise recently put up for sale was Nour El Ain Hotel, operated by Ain Draham Tourism Society. Located in the north of the country, close to mountain ranges and hunting preserves, the 60-room hotel drew strong interest by the time bids closed in mid-March.
Tunisia’s privatization program can be divided into three distinct phases. The first ran from 1987 until 1994, when many unprofitable state enterprises were sold off, the majority being in the tourism, commerce, fishery and agro-foods sectors.
The second phase, which covered a four-year period from 1994, saw the state put in place legislative procedures to allow it to sell off more profitable assets, launch initial public offerings and block sales, laying the foundations for the expansion of the program.
Since 1998, the focus has shifted to the privatization of major state enterprises, in strategic areas such as heavy industry, communications, energy, transport and retailing.
To date, Tunisia has achieved solid success in its privatization process, having sold off just over 200 state enterprises, spread across three broad categories, services, industry and fisheries-agriculture, with 45 privatizations in tourism, one of the most active sectors in the Tunisian economy. Over 20 years, a total $4.2 billion has been raised through privatization.
During the period of Tunisia's tenth five-year economic plan, which commenced in 2002, 47 state enterprises have been partly or completely sold off. In terms of numbers, this was only exceeded by the preceding five-year term, in which 75 state assets went under the hammer. However, as far as revenue goes, 2006 broke all records, with $2.37 billion being transferred to state funds. One aspect of the privatization is the high level of interest it has attracted from overseas investors. Of the total $4.2 billion generated so far, $3.7 billion has come in the form of foreign direct investment.
Tunisia is known for its production of olives, olive oil, grain, dairy products, tomatoes, citrus, fruit, beef, sugar beet, dates and almonds.
Tunisia's key olive oil exports jumped by 53% to 167,700 tonnes last year as a campaign to boost exports bore fruit, according to official data revealed in March 2007 showed. Olive oil represents half of the country's farm sales which in turn account more than 10% of total exports. The value of Tunisia's olive oil exports surged to 828.9 million dinars ($643 million) last year from 476.7 million in 2005 as a drop in output from top producer Spain underpinned prices. The domestic olive crop grew to 220,000 tonnes from 130,000 tonnes in 2005, compared to an average 145,000 tonnes over the past decade. It expects a crop of 170,000 tonnes in 2007. More than 500,000 families depend on the olive oil industry which is very labour-intensive. Tunisia has some 56 million olive trees covering around 1.6 million hectares of the country’s agricultural land.
Agriculture investment opportunities include equipment, technology, honey, wax and wax products. There is a sizeable market for agricultural equipment in Tunisia due to the sector's restructuring. Some 10 companies are involved in the agricultural machinery and equipment business, often integrated, industrial diversified groups, which import, or produce locally for domestic needs. The country imports some 2,000 new tractors per year, many harnesses and harvest equipment. The government decision to privatize grain stocking has created a demand for silos. Privatization of state owned farms and government incentives, including the new investment code, are spurring growth in the poultry, dairy, and other industries. There is growing demand for new equipment and livestock.
The fishing industry is among those sectors most likely to show improved export performance in the intermediate to long term, because of growing demand for fish products and the abundance of exploitable species in Tunisia's Mediterranean Sea. Current policies designed to encourage investment and deregulation of the industry offer promises for the industry's expansion, particularly in value-added products. Tunisia is now a major producer and exporter of seafood.
Therefore, the fish processing industry has attracted the attention of foreign investors as well as of local companies. Given the abundance of fish resources existing in Tunisia's waters and the growing world demand for fish products, there are considerable opportunities both for new companies to enter this sector and for the expansion of existing ones, particularly in value-added (processed) products.
Tunisia is one of the EU’s most established trading partners in the Mediterranean region. The total value of trade with the EU was € 14.7 billion in 2005 ranking Tunisia as the EU’s 32th trade partner. For Tunisia, the EU is its first trading partner. In 2005, Tunisian exports to the EU reached € 6.2 billion, or 79% of total Tunisia's exports. EU imports from Tunisia amount to € 8.7 billion, or 76% of total Tunisian imports.
In 2005, 38.6% of EU imports from Tunisia are in textiles and clothing, making Tunisia the EU's fifth largest source of imports in this sector. Other significant import sectors are machinery and energy, accounting for, respectively, 18.3% and 12% of total EU imports from Tunisia. Major EU exports to Tunisia are textiles (20.2%), machinery (24.1%) and transport material (9.4%).
Trade in services
Services account for 56.2% of Tunisian GDP in 2006. Tunisian exports consist mainly of travel (56%) and transportation (26%). The largest part of EU-Tunisia trade in services is in these sectors. Nearly 82% of Tunisia's tourism receipts are from the EU.
Foreign direct investment flows to Tunisia from the world amount for €782mn in 2005. The EU is the largest foreign investor in the country. The main investments are concentrated on the development of infrastructure as well as energy industries and tourism.
CEPEX – Tunisian Export Promotion Centre
Maison de l’Exportateur, Centre Urbain Nord, 1080 Tunis, Tunisia
P.O. Box 225, Tunis, Tunisia
Tel: + (216) 71 234 200
Fax: + (216) 71 237 325
Email:
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Website: www.cepex.nat.tn
Quelle: Ghorfa, Arab-German Chamber of Commerce and Industry e.V.
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