Algiers – President Abdelmadjid Tebboune affirmed on Sunday in Algiers that Algeria is striving to accelerate its economic growth in the coming years by stimulating national investment and boosting non-hydrocarbon exports, with the goal of making the national economy “the second or first in Africa” in the near term.
Speaking at the opening of the second edition of his meeting with economic operators, the President stated, “Thanks to our youth and economic operators, whom we take pride in, Algeria aspires to become, within two to two-and-a-half years, the second or first economy in Africa, fulfilling the hopes of our citizens and honoring those who sacrificed everything for this nation.”
He noted that the Algerian economy, which recorded 4.1% growth in 2023, is expected to achieve around 3.9% or 4% growth in 2024, driven by sustained economic and investment momentum in various sectors, particularly industry, which accounts for about 50% of newly registered investments.
On investment, the President emphasized the importance of providing suitable spaces and real estate for project holders, stressing the “necessity” of establishing an activity zone in every municipality. Addressing economic operators, he urged, “Create your own private banks to strengthen your presence in management. There are vast sums stored in vaults—invest them in establishing private banks.”
He also pointed out that some countries criticize Algeria “but lack our economic achievements in the Mediterranean region,” highlighting the remarkable progress in the cement industry, with annual production reaching 41 million tons. He stressed the need to “reorganize exports” in this sector.
End of ALGEX Activity, Iron Concentration Plant in Béchar, and Dedicated Cement Export Port
The President reiterated the public authorities’ commitment to removing obstacles facing exporters in general, noting that the Foreign Trade Promotion Agency (ALGEX) will no longer interfere in export activities. Two new bodies will be created: one dedicated to exports and another to regulate imports.
Regarding policies to boost economic activity and promote exports, he said, “The goal is to achieve $10 billion in non-hydrocarbon exports this year.” Pledging to “create a new industrial climate with a new generation of business leaders to erase the painful past of embezzlement and corruption,” he stressed the importance of relying on Algerian youth and their startups, “whose hands are clean of corruption and who are achieving commendable results.”
He highlighted the growing contribution of startups to the national economy and the role of innovative project holders, clarifying that such enterprises represent “an economic investment, not a social initiative.”
The President elaborated on infrastructure projects underway across the country, confirming that “by the end of this year, the railway will reach Béchar to transport iron ore and steel.” Within two weeks, a plant for concentrating iron and steel will open in Béchar. He also revealed plans for a specialized port for cement exports, while warning that those importing goods available locally, which are stockpiled in warehouses, will face accountability.
Addressing tourism and its recent developments, the President highlighted measures to encourage investment and promote Algeria as a destination, notably “facilitating visas for foreigners, even granting them at airports.” He affirmed that the sector is open to investors, stating, “Tourism is a free investment opportunity for those willing. I urge you to raise the spirit of patriotism to propel our economy forward.”
