ALGIERS – Saturday, 24 September 2022 (APS) – As part of the new economic policy, Algeria intends to make the diversification of its economy a tangible reality and to reach non-hydrocarbon exports worth US$7 billion by the end of 2022, the President of the Republic, Abdelmadjid Tebboune said Saturday in Algiers.

President Tebboune, who chaired the opening ceremony of the Government-Walis meeting at the Palace of Nations (Club des Pins), said that “the diversification of the national economy was a mere slogan during the last 30 or 40 years as non-hydrocarbon exports did not exceed US$1.3 billion .”

“We seek to achieve non-hydrocarbon exports US$7 billion in 2022,” continued President Tebboune, recalling that Algeria had exported nearly US$5 non-hydrocarbon goods in 2021.

In any economy, the value of exports is an indicator of development, employment, and added value, said the President of the Republic who stressed that the Algerian economy was experiencing a new momentum.

In parallel to the increase in non-hydrocarbon exports, President Tebboune has stressed the Government’s new approach to controlling imports.

In this regard, he recalled the ban on imports of all goods produced locally.