In his speech at the opening of the 29th edition of the Partnership Summit, on December 2 and 3 in New Delhi, Tayeb Zitouni invited international partners to join the Algerian economic dynamic and explore the opportunities it offers. He recalled that the economic reforms undertaken since 2020, under the leadership of President TEBBOUNE, have contributed to modernizing and making more transparent the Algerian legal and economic framework. Among these reforms are the promulgation of a new legislative framework for investment and the revision of the monetary and banking system. These efforts have borne fruit, according to Mr. Zitouni, by allowing a significant increase in investments. "To date, more than 10,000 projects have been registered, representing a total value of 30 billion dollars," he revealed, stressing that these projects cover several strategic sectors, thus strengthening the country's productive capacities.
An economic hub at the heart of regional trade
The Minister stressed Algeria's strategic geographical position, at the crossroads of trade between Europe, Africa and the Middle East. He mentioned several structuring projects, including the trans-Saharan highway, connecting Algeria to Nigeria, which should become a major economic corridor for the African continent and the corridor between Tindouf and Zouerate (Mauritania), aimed to strengthen inter-African trade connections.
In addition, the 4,722 km long railway network is expanding to reach 6,500 km, with a target of 15,000 km by 2030. "These infrastructures," he continued, "make Algeria a strategic partner for investors seeking the access to the vast African market, and benefiting from free trade agreements that connect the country to more than 100 states, for a total market of 3,000 billion dollars."
Algerian-Indian relations strengthened
The Minister also welcomed the development of bilateral relations between Algeria and India, marked by significant progress, and mentioned the historic visit of the Indian President to Algeria last October, which resulted to important economic decisions and strategic political agreements. "These initiatives strengthen trade and pave the way for fruitful partnerships between the two nations," he said.
Zitouni noted the progress made in the development of strategic sectors and mentioned three major mining projects underway, among the largest on a global scale, which aim to fully exploit Algeria's natural potential. To this end, he stressed the growing role of mechanical and processing industries, designed to improve local production capacities and achieve self-sufficiency in several areas.
Economic performance hailed internationally
With an economic growth of 4.2%, a gross domestic product of $267 billion, foreign exchange reserves exceeding $70 billion, and a significant increase in non-hydrocarbon exports, Algeria is recognized as one of the most dynamic economies in Africa in 2024.
Zitouni concluded by reaffirming Algeria's willingness to establish strong partnerships with other nations, in an approach based on innovation, productivity and mutual respect.
The Partnership Summit, according to him, represents a unique opportunity to strengthen Algeria's role as a key player in the regional and global economy.
El Moudjahid