Algeria to Attract Foreign Investments in Non-Oil Sector to Increase Exports

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The Algerian economy, which recorded a growth rate of 4.1% in 2023, is expected to achieve a growth rate of 3.9% or 4% in 2024, driven by sustained economic momentum and investment in multiple sectors, particularly industry, which accounts for nearly 50% of new recorded investments

President of the Republic, Abdelmadjid Tebboune, said in Algiers that Algeria intends to boost, in the coming years, its economic growth rate by encouraging national investment and non-hydrocarbon exports, in order to make the national economy “the second, if not the first, African economy” in the short term.

He further said that the Algerian economy, which recorded a growth rate of 4.1% in 2023, is expected to achieve a growth rate of 3.9% or 4% in 2024, driven by sustained economic momentum and investment in multiple sectors, particularly industry, which accounts for nearly 50% of new recorded investments.

While emphasising the importance of making land available for project holders, the President stressed the “need” to create an industrial zone in every municipality.

The President of the Republic further highlighted the remarkable development of Algeria’s cement industry, with an estimated annual production of 41 million tons, while stressing the need to “reorganise exports” in this sector.

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In this regard, the President reiterated the government’s determination to remove obstacles faced by exporters, stressing that the National Agency for the Promotion of Foreign Trade (ALGEX) will no longer be involved in export activities