MOSCOW – Wednesday, 14 June 2023 (APS) – The President of the Republic, Abdelmadjid Tebboune said Wednesday in Moscow that Algeria was experiencing an economic renaissance, which is moving up a gear and boosted by the multiplication of investments in several fields.
Chairing the opening ceremony of the Algeria-Russia Economic Forum, President Tebboune said: “Algeria is experiencing an economic renaissance, which is moving up a gear to make up for lost time and open up investment opportunities with our friends in Africa and the Mediterranean region.”
“1,450 industrial projects are currently underway,” he continued.
Through its new policy, Algeria intends to “free itself from dependence on hydrocarbons, a sector whose revenues will be earmarked solely for development purposes”, he said, recalling that this process, launched in 2021, was supported by his decision to increase Algerian exports to US$7 billion.
Commenting on these results, he noted that “this figure, which at first sight seems derisory, is nonetheless a miracle, given that for 30 or 40 years, these revenues have never exceeded US$1.7 or US$1.8 billion.”
In this regard, he reminded us that Algeria’s non-hydrocarbon exports “reached nearly US$7 billion in 2022, and we are aiming to reach US$13 billion this year to effectively boost development,” mainly in the agri-food industry, start-ups, and agricultural products.”
To achieve these goals, the President of the Republic affirmed that Algeria “has created an investment promotion agency to support Algerian and foreign economic operators wishing to launch their investment projects.”
“Our country has carried out operations to clean up industrial land to bring together the factors likely to attract investors and businessmen to industrial zones and micro-business activity zones, in compliance with the criteria of competition and transparency and offering all the necessary guarantees,” he said.
He also highlighted “the huge efforts made in the fight against bureaucracy by freeing investment from administrative obstacles.”
Referring to Algeria-Russia cooperation, the President of the Republic underlined that our friends in Russia “are aware of the significant potential of cooperation in the fields of technology transfer, tourism, agriculture, and science.”
Stressing the importance of opening private banks in Algeria, President Tebboune expressed the wish to see “the private sector at home, abroad and in Russia, a brotherly country, open banks to encourage sound transactions between private operators without any excess.”
“You have real opportunities to explore the possibilities of economic integration in many fields”, President Tebboune told Forum participants, affirming that Algeria “is preparing, in the coming years, to implement an investment plan in the fields of energy, basic infrastructure, agriculture, pharmaceuticals, agri-food, and processing industries.”