| 3 December 2023, Sunday |

Algeria seeks to become an investment ‘gateway’ in Africa

Algeria pledged during the Second Russia-Africa Summit, which concluded its work in St. Petersburg, to become an investment gateway for Russian investors to enter the continent.

It advocated for a solid and profitable African-Russian partnership for both parties and the emergence of a fair international system.

The Algerian Prime Minister, Aymen Benabderrahmane, affirmed on the summit’s sidelines that his country’s positive development indicators in recent years make it the gateway to Africa within the strategic partnership with Russia.

Benabderrahmane pointed out that President Abdelmadjid Tebboune’s visit to Russia in mid-June pushed the bilateral relations further.

During the visit, the two countries launched a strategic partnership covering many sectors, including renewable energies.

On Thursday, Russian Energy Minister Nikolay Shulginov announced a partnership with Algeria to produce two million cubic meters of gas daily, starting in 2026.

Shulginov said that Gazprom plans to start the production of hydrocarbons in the el-Assel area in Algeria in 2026.

Benabderrahmane stated that Algeria and Moscow are working on an approach developed by the two Presidents to move towards consolidating a deep partnership, noting that his country is Russia’s second trading partner in Africa.

The PM stressed that the most crucial indicator recorded by the Algerian economy is the rise in per capita income to $4,800, while the gross domestic product was estimated at $255 billion, with a growth rate that may exceed five percent in 2023.

He explained that the positive indicators resulted from the economic dynamism, including the state measures and the new investment law, which approved projects worth more than $7.2 billion and will enable the creation of 50,000 jobs.

In a meeting with Algerian investors at an economic exhibition in St. Petersburg, the Prime Minister discussed investing in various sectors and opportunities offered by the national economy, especially in services.

He referred to Algeria’s outstanding capabilities, especially in tourism and digital technologies, which create wealth and jobs, stressing that authorities took several incentive measures in favor of exporting institutions.

Officials in Algeria aspire to reach $13 billion in non-hydrocarbon exports, and the government aims to use food, agricultural, and start-up companies to increase exports.

At the summit, Benabderrahmane read a speech on behalf of Tebboune stating that Algeria looks forward to building a strong African-Russian, mutually beneficial partnership for the emergence of a just international order that respects the principles of international law and multilateralism.

Algeria is making significant efforts to support development in the continent, especially in reducing indebtedness and developing infrastructure in many of its countries, said the Prime Minister, noting that lowering debt allows African countries to overcome a significant obstacle and benefit from new funds.

  • Asharq Al-Awsat