CJD Talks 2024: Amir Ben Gacem Shares Insights on the Role of Tunisians Abroad in Investing in Tunisia
In the fourth episode of CJD Talks 2024, Amir Ben Gacem, Managing Director of ARCHE, Emerging Markets Partners Limited, shared his perspectives on the role of Tunisians residing abroad (TRE) in investing in and developing the economy of Tunisia. With a 20-year career in investment banking, Ben Gacem has undertaken to connect Tunisia's assets to the international community through innovative projects in digital infrastructure and renewable energy.
From Reflection to Action: Ben Gacem's Commitment to Tunisia
After spending two decades in investment banking, Ben Gacem wondered what more he could bring to his country of origin, Tunisia. His project focused on two areas: digital infrastructure and renewable energy, where Tunisia has significant comparative advantages. His first contact to concretize his project was the Tunisian embassy in London, which then directed him to the relevant ministries in Tunisia.
Challenges of Investing in Tunisia: Administrative Delays and Legal Complexity
Ben Gacem highlighted the difficulties he faced in implementing his project, particularly the slow response times of Tunisian administrations. This administrative slowness proved particularly problematic when reassuring foreign investors. However, he benefited from the assistance of the Tunisian Investment Authority, which helped him coordinate with various stakeholders and track progress.
Comparing Tunisia to Morocco, Ben Gacem noted that, unlike Morocco where one person can make a decision, in Tunisia, decisions involve multiple stakeholders and ministries, slowing down the process. Nevertheless, he acknowledged that, despite these obstacles, things are finally moving forward in Tunisia.
Concerns of Foreign Investors: Capital Repatriation and Business Environment
One of the main concerns of foreign investors in Tunisia is the ability to repatriate their funds due to the foreign exchange crisis. To attract and retain these investors, Ben Gacem emphasized the need to create a favorable business environment where investors feel justified in taking risks in Tunisia.
He also highlighted Tunisia's competitive advantages, including the low cost of electricity production compared to countries like France or the UK. Tunisia benefits from a robust telecommunications infrastructure, with fiber optic access everywhere, enabling the provision of remote services.
Maximizing Tunisia's Assets: A Vision for the Future
Ben Gacem called for a change in perspective: beyond cheap labor and proximity to Europe, Tunisia must exploit its vast renewable energy resources, with 3,600 hours of sunshine per year. As a neighbor of Europe, Tunisia has unique advantages to offer that its European partners do not.
To succeed, it is essential to convince foreign investors that Tunisia is a safe and profitable destination. This confidence could encourage other investors to follow their example.
The Role of TRE: Giving Time and Expertise to Improve Tunisia
Ben Gacem firmly believes that TRE can play a crucial role in improving Tunisia, even on a small scale. He encourages Tunisians abroad to bring their expertise, ideas, and recommendations. He stressed the importance of creating a bridge between TRE and Tunisia, facilitating investments and collaborative projects.
Necessary Reforms: Adapting Tunisia to Global Realities
To adapt to the demands of the global market, legal and economic reforms are necessary. Ben Gacem criticized outdated laws and administrative inconsistencies that hinder investment. He called for simplifying processes to encourage a greater flow of foreign investments.
He also highlighted the importance of adapting the tourism sector to new trends. Today, tourists seek authentic cultural experiences rather than just staying in a hotel. Tunisia must adjust to this demand by valorizing its heritage and traditions.
Tunisia: Towards a Promising Future
In conclusion, Ben Gacem called for greater confidence in Tunisia's ability to succeed. He emphasized the importance of progressive reforms, aligned with international practices, to improve the country's attractiveness. With the right reforms and effective communication, Tunisia can become a destination of choice for foreign investors, while mobilizing its diaspora to contribute to its development.
