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Having adopted a strategy of diversification of its economy, Algeria achieves unprecedented volumes of non-hydrocarbon exports. Standing at around 7 billion dollars, these exports can achieve better figures in the future, assured the President of the Republic, calling for continued efforts to increase the volume to reach the target of 29 billion dollars in 2030.
Chairing, the day before yesterday, the ceremony of the second edition of the President of the Republic’s Prize for the best exporter, at the International Conference Center, the President of the Republic, Abdelmadjid Tebboune, affirmed that the economic renaissance underway in Algeria calls for the continuation and intensification of efforts through measures complementary to the achievements made, with a view to increasing the volume of non-hydrocarbon exports.
Among the measures that the President of the Republic cited are the redefinition of the country’s foreign trade map, taking into account the national interest and global geopolitical challenges, the liberalization of exports of certain production sectors whose capacities have exceeded national needs, such as oil, sugar and pasta, as well as the creation of logistics bases for export at the level of all economic poles.
The President of the Republic also cited the expansion of the Algerian banking network abroad, particularly in Africa, the opening of air and sea commercial lines to strengthen Algeria’s pivotal role in the region, the opening of investment to private and foreign operators in the field of large-scale distribution networks, in addition to allowing exporters to use the temporary admission system to increase the export rate of high value-added products.
Freeing the economy from dependence on hydrocarbons
Stating that the challenge of gradually emerging from economic dependence in all its forms, particularly with regard to Algeria’s food security, remained “an absolute priority”, the President reported “unprecedented” figures, approaching $7 billion in non-hydrocarbon exports. These positive results “concretely reflect the strong desire to win the bet of the strategic choices that we have adopted, in accordance with the commitments that we have made”, he said, affirming that the results obtained are, among other things, proof of the incentives offered by the economic climate.
Highlighting the green indicators of the national economy, the President affirmed that these data “confirm our full entry into a policy which aims to free our national economy from the burden of dependence on hydrocarbons.”
The President of the Republic, who highlighted the vision of the economic recovery adopted, pointed out the objective of reaching 29 billion dollars in non-hydrocarbon exports in 2030. This objective will be achieved, according to the President, through investment in promising economic sectors, including agriculture, heavy industries, manufacturing industries, the pharmaceutical industry, mining, tourism and services.
“We will rely on a strong infrastructure, the exploitation of which is in its early stages in Algeria, in parallel with the implementation of this vision, such as the Gara Djebilet mine project, which places Algeria among the largest countries with iron reserves in the world,” he said, noting that this project is in addition to the two phosphate and zinc projects, which “will allow Algeria to be among the major exporting countries of these substances.” This is in addition to the implementation of projects with a continental dimension, such as the road linking Tindouf to Zouerate (Mauritania) and the trans-Saharan road linking Algiers to Lagos (Nigeria), but also to other measures undertaken, such as the launch of free zone projects at the borders, the organization of permanent exhibitions of Algerian products and the opening of banks abroad.
Joining global value chains
Abdelmadjid Tebboune also returned to the deep economic reforms undertaken by the country, which allowed it to rise to third place at the African level. “Deep and structural reforms to correct the dysfunctions noted in the economic field, through the improvement of the business climate, the promotion of foreign trade, the encouragement of initiatives, the adoption of digitalization and the reform of monetary policy, thus meeting the requirements of economic changes on a global scale,” he noted, pointing out the progress made despite the consequences of the Covid-19 health crisis.
“We have managed to overcome the difficulties and, thanks to God and the mobilization of the country’s capabilities and the intensification of efforts to revive the national economy, we have been able to achieve a growth rate of 4.2% and a GDP of 260 billion dollars, and increase foreign exchange reserves to 70 billion dollars,” the President said, noting good prospects for the national economy. “In light of the green indicators recorded in several sectors, we can today say with confidence that the reforms undertaken are moving resolutely towards the development of the national economy and the diversification of its sources, which will make it possible to join global value chains and achieve a GDP of more than 400 billion dollars by the end of 2027,” he said.
For his part, the Minister of Trade and Export Promotion, Tayeb Zitouni, reviewed the results achieved in terms of non-hydrocarbon exports which, according to him, reflect the achievements and reforms implemented in accordance with the commitments of the President of the Republic. “The export figures reflect the achievements achieved in vital sectors and the deep structural reforms carried out, in accordance with the electoral commitments of the President of the Republic aimed at strengthening the social front and correcting the dysfunctions that have hindered the country’s development,” he said.
For their part, economic operators in the field of export, honored as part of the President of the Republic’s Prize for the best exporter of the year 2023, affirmed their support for the public authorities’ approach to promoting exports, aspiring for non-hydrocarbon exports to achieve better figures by 2030. Expressing their pride after obtaining these awards, they expressed their commitment to moving forward.