Algiers: President of the Republic, Abdelmadjid Tebboune, announced on Sunday that Algeria intends to boost its economic growth rate by encouraging national investment and non-hydrocarbon exports. The aim is to make the national economy “the second, if not the first, African economy” in the short term.
According to Algeria Press Service, President Tebboune expressed his ambitions during a speech at the opening of the second National Meeting with Economic Operators. He highlighted the potential of Algeria’s youth and economic operators, emphasizing the country’s aspiration to become a leading economy on the African continent within the next two to two and a half years.
The President noted that the Algerian economy, which achieved a growth rate of 4.1% in 2023, is projected to maintain a growth rate of 3.9% or 4% in 2024. This growth is expected to be driven by sustained economic momentum and investment across various sectors, particularly in industry, which accounts for nearly 50% of new recorded investments
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Emphasizing the importance of land availability for project holders, President Tebboune underscored the necessity of creating an industrial zone in every municipality. He also encouraged the establishment of private banks to strengthen economic presence and mobilize significant sums of money currently being hoarded.
President Tebboune addressed criticisms from other countries, noting that Algeria’s achievements surpass those of many in the Mediterranean basin. He also highlighted the development of Algeria’s cement industry, with an annual production of 41 million tons, and stressed the need to reorganize exports in this sector.
The President reiterated the government’s commitment to removing obstacles for exporters and announced the establishment of two new bodies dedicated to exports and imports. He outlined policies aimed at fostering economic activity, noting the goal to achieve $10 billion in non-hydrocarbon exports this year.