Algeria aims for sustained economic growth and export diversification

Algerian President Abdelmadjid Tebboune affirmed on Thursday in Algiers, during the ceremony for the Best Exporter Award, that the ongoing economic revival in Algeria requires continued and intensified efforts to increase the volume of non-hydrocarbon exports. The President highlighted the progress made and outlined his vision for the country’s economic future.

Structural Reforms and Encouraging Results

Mr. Tebboune recalled that Algeria has undertaken deep reforms to correct economic dysfunctions, particularly by improving the business climate, promoting foreign trade, and encouraging private initiative. Despite the challenges posed by the Covid-19 pandemic, the country managed to achieve a growth rate of 4.2%, considered one of the best in the Mediterranean.

The GDP reached $260 billion, foreign exchange reserves rose to $70 billion, and non-hydrocarbon exports approached $7 billion, an unprecedented level. These results have allowed the Algerian economy to rise to third place in Africa.

Ambitious Goals and Concrete Measures

The President set the goal of reaching $29 billion in non-hydrocarbon exports by 2030. To achieve this, Tebboune is betting on investment in promising sectors such as agriculture, heavy and manufacturing industries, pharmaceutical industry, mining, tourism, and services. Among the announced measures are the redefinition of the foreign trade map, liberalization of exports in certain surplus sectors, creation of export logistics bases, and expansion of the Algerian banking network abroad, particularly in Africa. There are also plans to open new air and sea trade routes and open investment to private and foreign operators in large distribution networks.

Mr. Tebboune also emphasized the importance of major infrastructure projects, such as the Gara Djebilet iron mine and phosphate and zinc projects, which should position Algeria among the major exporting countries of these substances.

Focus on the African Market

Particular attention is being paid to developing trade with Africa. The Head of State announced the transformation of the Algerian section of the trans-Saharan road (linking Algiers to Lagos) into an economic corridor. The objective is to connect Algerian ports to the depth of the African continent, making Algeria a hub for the development of trade exchanges.

This process is reinforced by the launch of free zones at the borders, the organization of permanent exhibitions of Algerian products, and the opening of bank branches in Mauritania and Senegal.

Prospects and Confidence

Mr. Tebboune expressed confidence that these orientations will allow producers and exporters to create more wealth, contribute to reducing unemployment, and increase production capacities in several sectors. He praised the results already achieved by exporters, which he sees as proof that the economic climate now offers the necessary incentives to achieve efficiency and competitiveness.

The President also thanked young people for their efforts in creating startups, which now number in the thousands and contribute to the creation of numerous jobs.

Tebboune affirmed that Algeria has all the assets to occupy its place as a strong and influential country, and as a reliable partner open to cooperation at regional and international levels. He reiterated his willingness to free the national economy from its dependence on hydrocarbons and diversify it to join global value chains.