Latest News from Babnet
Babnet
05-04-2025
- Business
- Babnet
Tunisia: Chinese Company "Asia Potash" Announces Intent to Invest in Large-Scale Phosphate Mining Project in Kef, Tunisia with $800 Million Investment
Executives from Asia Potash International Investment, during an official visit to Tunisia, expressed their strong interest in investing in the mining sector, with a focus on exploiting phosphate deposits in the governorate of Kef and establishing a comprehensive industrial mining complex. During a meeting held last Thursday with Jalel Tabbib, Director General of the Foreign Investment Promotion Agency (FIPA), the Chinese representatives revealed plans to initially extract one million tons of phosphate, with a goal to reach 8 million tons in the medium term, and an overall investment estimated at $800 million USD, according to a statement released Friday by FIPA. Asia Potash is a global leader in potassium mining and agricultural development, also involved in international bulk shipping of materials such as coal and iron ore, in addition to providing logistical services. The visiting Chinese delegation was led by Yu Baoli, Vice President of the Industrial Development Department, and Houming Faimen, Director of Mining Development Investment, who expressed the company's desire to establish a long-term partnership with Tunisia in the field of mining industries. For his part, Jalel Tabbib, Director General of FIPA, welcomed this investment initiative, stating that the choice of Tunisia by such a major industrial group reflects growing international investor confidence in the country's business environment. He also reaffirmed Tunisia's commitment to supporting foreign investors, especially in high value-added sectors like mining. During the meeting, Tabbib also presented a detailed overview of the foreign direct investment landscape in Tunisia, highlighting the presence of Chinese companies and the various advantages Tunisia offers, including tax incentives, flexible legislation, and a strategic location between Africa and Europe. If realized, this project would become one of the largest upcoming Chinese investments in Tunisia, expected to revitalize the local economy of Kef, generate hundreds of direct and indirect jobs, and boost national phosphate production, which has declined in recent years.
Babnet
02-04-2025
- Business
- Babnet
Tunisia: Minister of Economy Meets with CEO of German Group PRETTL
On Wednesday, April 2, 2025, Minister of Economy and Planning, Mr. Samir Abdel Hafidh, met with Mr. Rolf PRETTL, CEO of the German group PRETTL, which specializes primarily in the manufacturing of automotive cables. Mr. PRETTL is currently visiting Tunisia, accompanied by a number of his associates. During the meeting, Mr. Rolf PRETTL discussed the group's activities, its international presence, and its plans for further development. The discussion also touched on the progress made towards establishing an industrial unit in Tunisia, which is expected to create around 500 jobs in the coming months. Mr. PRETTL expressed his satisfaction with the preparatory work for launching the project in Tunisia, highlighting the investment climate and the various advantages available, particularly the strategic geographical location and the highly skilled workforce. He emphasized that these factors have reinforced the group's confidence in choosing Tunisia as a promising destination for investment and business expansion. For his part, Minister Samir Abdel Hafidh welcomed PRETTL Group's decision to invest in Tunisia, stressing that the expansion will help meet supply demands, particularly in the European and American markets. The minister also reaffirmed the readiness of the ministry, along with the relevant investment bodies and institutions, to provide the necessary support and facilitation to ensure the company can launch its operations and production under the best conditions and within optimal timeframes.
Babnet
01-03-2025
- Business
- Babnet
Moody's Upgrades Tunisia's Credit Rating, Citing Improved External Debt Repayment Capacity
Credit rating agency Moody's has upgraded Tunisia's financial rating from CAA2 (highly speculative, unsuitable for investment) to CAA1 (high-risk) with a stable outlook, citing improvements in the country's ability to meet its external financial obligations. In its report released Friday, Moody's highlighted that Tunisia is making steady progress in financial stability, with the new rating serving as recognition of its increasing ability to manage financial risks. As part of this reassessment, Moody's also upgraded the Central Bank of Tunisia's debt rating from CAA2 to CAA1, applying the same methodology used to evaluate the country's sovereign obligations. Key Factors Behind Financial Improvement The report attributed the rating upgrade to several factors, including: - Improved private sector capacity to service external debt - Stable foreign exchange reserves over the past two years - Declining external financing needs, which Tunisia is increasingly able to cover through its foreign currency reserves Additionally, Moody's emphasized that Tunisia's ongoing reduction in its budget deficit has significantly lowered the risks associated with repaying external debt, despite some remaining financial challenges. Remaining Challenges While the stable outlook reflects progress, Moody's noted that Tunisia still faces constraints in its budget's ability to absorb financial shocks due to its high debt levels and strong interdependence between public financing and the central bank. Despite the overall positive assessment, the report also warned that socioeconomic risks could hinder the implementation of necessary reforms, which are crucial for further fiscal stability. Potential for Further Improvement Moody's concluded that Tunisia could see further enhancements in its access to external financing if it continues to reduce its fiscal deficit at a faster pace than currently projected.
Babnet
01-03-2025
- Business
- Babnet
Tunisia - European Union: A Shared Commitment to Strengthening Economic Cooperation
On Friday, February 28, 2025, Minister of Economy and Planning, Mr. Samir Abdelhafidh, met with Mr. Stefano Sannino, Director General for the Middle East, North Africa, and Gulf Countries at the European Commission, who is on a working visit to Tunisia. The meeting, which was attended by the European Union Ambassador to Tunisia, Mr. Giuseppe Perrone, provided an opportunity for both sides to reaffirm the importance of the existing cooperation and partnership between Tunisia and the European Union, as well as their commitment to further strengthening and diversifying it in the mutual interest of both parties. During the discussion, the minister highlighted the significant improvements in several economic indicators in recent months. He also outlined key reforms and measures introduced by the Tunisian government to stimulate economic activity, including accelerating the implementation of projects and ongoing efforts to enhance the investment and business climate. For his part, Mr. Stefano Sannino emphasized that his visit aligns with the EU's ongoing efforts to reinforce its constructive partnership with Tunisia across various sectors. He also reaffirmed the European Union's commitment and readiness to continue supporting Tunisia in achieving its economic and social development goals.
Babnet
28-02-2025
- Business
- Babnet
Tunisia: On the 60th Anniversary of Its Establishment, the Minister of Economy Highlights the Strong Partnership Between Tunisia and the African Development Bank
On the evening of Thursday, February 27, 2025, the Minister of Economy and Planning, Mr. Samir Abdelhafidh, participated in the celebration marking the 60th anniversary of the establishment of the African Development Bank (AfDB). The event was attended by Minister of Industry, Mines, and Energy, Ms. Fatma Thabet Chiboub, the Director General of the AfDB's North Africa Regional Office in Tunisia, Mr. Mohamed El Azizi, and Deputy Director General, Ms. Malinne Bloomberg, along with numerous guests from various ministries, public institutions, the private sector, representatives of Tunisian and foreign banking and financial institutions, ambassadors, members of diplomatic missions, UN agencies, and civil society organizations. In his speech, Minister Samir Abdelhafidh extended his warmest congratulations to all bank officials and employees on this occasion, commending the active role the AfDB has played since 1964 in supporting development across the African continent and the successes it has achieved in this regard. The minister recalled Tunisia's significant role in the bank's activities and its evolution, noting that Tunisia was among the founding members, presided over the bank for several years, and hosted its headquarters from 2002 to 2012. Additionally, Tunisia has contributed to all capital increases undertaken by the bank. He also emphasized the strong cooperation between Tunisia and the AfDB, which is considered a key development partner for the country. This partnership is reflected in the bank's financing of numerous programs and projects across vital sectors, including infrastructure, sanitation, energy, digitalization, food security, water resources, and entrepreneurship. The bank has also contributed to funding small business projects as part of economic empowerment initiatives for youth, in addition to financing various strategic studies across multiple fields. Given the substantial financial and technical capacities of the African Development Bank, the minister expressed his confidence in its ability to mobilize further developmental support for African nations and assist them in tackling challenges across various sectors. He also stressed the importance of enhancing the bank's mechanisms to better support these countries in achieving their economic growth and social progress objectives.
