ALGIERS- The Algerian president, Abdelmadjid Tebboune, said Sunday that Algeria was determined to join the ranks of emerging countries, with the aim of achieving a Gross Domestic Product (GDP) of USD400 billion by late 2027.
In an opening address at the second national meeting of economic operators, the president of the Republic said: “we start the second term with the hope of reaching together the ranks of emerging countries,” calling for the mobilisation of all to “achieve a GDP of USD400 billion by late 2027.”
After he underlined that “the first term ended with all its hopes and pains due to the Covid pandemic,” the president of the Republic said that “we should count on young Algerians and their start-ups, for their hands are clean and they are making achievements that inspire pride.”
Mentioning the country’s investment momentum over the last few years, the president of the Republic said that the Algerian Agency for Investment Promotion (AAPI) had so far recorded 13,700 investment projects, covering various fields and economic sectors, worth up to DZD 6,000 billion.
Praising their efforts, the president of the Republic called on the Algerian operators to “give a strong impetus” to the economic sector.
Regarding the State’s reforms to improve business climate, simplify investment process and provide the required land, especially under the new law on investment, the president of the Republic said “the State does not speculate on the sale of land meant for investment, but contributes to facilitating access to land to help in the execution of projects.”
He emphasized the need to free up investment initiative, mainly in the industrial field, in which Algeria has made a qualitative leap.
“To achieve development, the industry’s share of GDP should be increased to 13-14%.”
“We have to get the investment promotion agency out of a terrible contradiction: tens of thousands of projects recorded without the required land.”
