President Abdelmadjid Tebboune said Sunday in Algiers that Algeria intends to accelerate its pace of economic growth in the coming years by encouraging domestic investment and non-hydrocarbon exports, in order to make the national economy “the second, or even the first, African economy” in the short term.
“Thanks to its youth and its economic operators, of whom we are proud, Algeria aspires to become, within two to two and a half years, the second or first economy of the African continent and thus achieve the aspirations of our citizens, out of loyalty to those who sacrificed themselves for this homeland,” said the President of the Republic in a speech delivered at the opening of the second edition of the National Meeting with Economic Operators.
He further indicated that the Algerian economy, which recorded a growth of 4.1% in 2023, should reach a growth rate of 3.9 or 4% in 2024, thanks to the continued economic and investment dynamics in several sectors, particularly industry, which represents nearly 50% of new investments recorded.
Highlighting the importance of making land available to project leaders, the President of the Republic noted the “imperative” of creating an activity zone in each municipality.
“Create your own banks to strengthen your presence in the administration. Large sums of money are being hoarded; invest them in creating private banks,” he urged economic operators.
Some countries criticise Algeria “even though they are far from the figures we achieve in the Mediterranean basin,” said the President of the Republic.
Welcoming the remarkable development of the cement industry in Algeria, with an estimated production of 41 million tonnes/year, the President of the Republic insisted on “the reorganisation of exports” in this sector.
In this context, the President of the Republic reaffirmed the determination of the public authorities to remove the obstacles encountered by exporters in general, explaining that the National Agency for the Promotion of Foreign Trade (ALGEX) will no longer intervene in export activities, in parallel with the creation of two bodies: one dedicated to exports and the other responsible for supervising imports.
Referring to the policy implemented to develop economic activity and efforts to promote exports, the President of the Republic indicated that “the objective is to reach, this year, 10 billion USD in non-hydrocarbon exports.”
Committing to “creating a new industrial climate with the emergence of a new generation of businessmen who will make us forget the painful past of corruption and embezzlement,” the President of the Republic affirmed that “today we must count on young Algerians and their start-ups, because their hands are clean and they are accomplishing achievements that inspire pride.”
In this regard, the President of the Republic highlighted the contribution of start-ups to the national economy and the role of young people with innovative projects, stressing that these companies “constitute an economic investment in their own right.”
Regarding infrastructure projects underway across the country, the President of the Republic assured that “by the end of this year, the railway will reach the province of Béchar for the transport of iron ore and steel.” He added that “an iron ore and steel concentrate production plant will open in Béchar within two weeks.”
In the same vein, he announced that consideration was being given to launching a project to build a port dedicated to the export of cement, warning that anyone who imports products similar to those already manufactured in Algeria and stored in warehouses will be held accountable.
Referring to the recent progress made in the tourism sector, the President of the Republic recalled the various measures taken to encourage investment and promote Algeria as a destination, particularly through “facilities for obtaining visas for foreigners.”
This sector remains open to those who wish to invest, said the President of the Republic, calling on the operators present to “show patriotism in promoting our economy.”
