With a population of over eleven million, Tunisia is a country situated in North Africa and is famous for its rich history, Mediterranean beaches, and friendly people. Tunisia has been making headlines for its business news in recent times, keeping investors and business executives on their toes. In this article, we’ll examine some of the latest business news from Tunisia and what it means for the country’s economic landscape.
Tourism Sector
Tourism is one of the sectors that Tunisia is famous for, accounting for about 14% of Tunisia’s GDP. The country has invested heavily in this sector, and the results are starting to show. In 2019, Tunisia welcomed about nine million tourists, up from around 7 million in 2018. This represents a 28% increase, and it’s expected to keep growing.
To keep the momentum going, the Tunisian government has undertaken several initiatives to attract more tourists to the country. One of these initiatives includes opening up the new Enfidha-Hammamet International Airport, which has the capacity of handling up to 10 million passengers per year. The airport is instrumental in providing infrastructure and services that enable Tunisian tourism to grow.
Economic Growth
Despite being affected by political instability, Tunisia’s economy has been growing at an average of 1,5% annually. According to the International Monetary Fund, Tunisia’s economy is expected to grow by 3% in 2021 as well as reducing unemployment rates. Also, the government of Tunisia has been making efforts to boost domestic investment by introducing structural reforms such as recent legislation called the Startup Act, which provides incentives and benefits for startups and entrepreneurs.
Foreign Investments
Tunisia has been attractive to foreign investors for decades, and it’s no surprise to see more investments flowing in recently. In 2020, Tunisian authorities inaugurated the “Tunis Financial Harbor,” an offshore financial hub that aims to provide more investor-friendly policies and enable foreign investors to set up shop easily. The World Bank also ranks Tunisia as one of the top countries for the ease of doing business in the MENA (Middle East and North Africa) region.
In conclusion, Tunisia has been experiencing a remarkable transformation in its economic landscape, with new initiatives and projects taking place that are helping to boost tourism, attract investments and grow the economy. Investors looking to expand to North Africa can’t ignore Tunisia’s potential, thanks to its strategic location, investor-friendly policies, rich culture, and exciting prospects. All in all, Tunisia is on a path of diversification as it continues to pursue a sustainable growth path and create opportunities to benefit its people and the region.
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