Algiers — President of the Republic, Abdelmadjid Tebboune, said on Sunday 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 national economy "the second, if not the first, African economy" in the short term.
"Thanks to its youth and its economic operators, of whom we are proud, Algeria aspires to become, within the next two to two and a half years, the second or even the first economy on the African continent, thereby fulfilling the aspirations of our citizens," said the President in a speech delivered at the opening of the second National Meeting with Economic Operators.
He further said that 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 emphasizing the importance of making land available for project holders, the President stressed the "need" to create an industrial zone in every municipality.
"Create your own banks to strengthen your presence in administration. Significant sums of money are being hoarded--invest them in establishing private banks," added the President of the Republic.
Some countries criticize Algeria "while they fall far short of the figures we achieve in the Mediterranean basin," added the President.
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 "reorganize exports" in this sector.
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.
He further announced the setting up of two new bodies: one dedicated to exports and another to imports.
While discussing policies aimed at fostering economic activity and promoting exports, the President said that "the goal is to reach $10 billion in non-hydrocarbon exports this year."
