People's representatives on Friday called on the government to strengthen Tunisia's position on the African market, to face stiff competition from China, Turkey and Morocco, and to activate economic diplomacy, which is "weak or non-existent" at present, to help businessmen conquer this market.

At a plenary session held to examine the draft organic law on the approval of the Republic of Tunisia's accession to the agreement establishing the Africa Finance Corporation (AFC), most MPs also stressed the need to set up subsidiaries of Tunisian banks and insurance companies and to strengthen air and sea links with African countries, as well as to boost investment and develop Tunisian skills, particularly among unemployed higher education graduates.

They also recommended speeding up the revision of the Foreign Exchange Code and allowing Tunisian banks to invest in the capital of African banks.

They also suggested that Tunisian export companies recruit African graduates who have studied in Tunisia, to help them conquer this market.

The Africa Finance Corporation is an international multilateral financial institution established in 2007 under an agreement between African countries and headquartered in Lagos, Nigeria. It works to promote economic growth, develop infrastructure, support intra-African trade and the industrial development of African countries.

Its capital is in the region of 2 billion dollars and the number of shareholders will reach 32 by December 2022. The Central Bank of Nigeria, the United Bank for Africa (UBA) and Access Bank (a Nigerian multinational commercial bank) hold 42%, 10% and 9.5% of AFC's capital respectively.

Source: Agence Tunis Afrique Presse