✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 4th, 2024 — The Director General of the Algerian Investment Promotion Agency (AAPI), Omar Rekkache, announced on Monday that Algeria is set to undertake several significant foreign projects aimed at bolstering its economy. Speaking at the “El Moudjahid” Forum, Rekkache highlighted that the AAPI is actively negotiating with several large international companies to bring their projects to fruition in various sectors within the country.
Significant Investments in Agriculture and Tourism
Raising particular interest, Rekkache noted that agriculture and tourism are the primary sectors targeted by these major foreign investments.
Italian Agricultural Project
One of the standout projects involves an Italian partner, Bonifiche Ferraresi (BF). This initiative, valued at over $420 million, is set to cultivate cereals over an expansive area of more than 36,000 hectares in the wilaya of Timimoun. This agricultural endeavor, conducted in partnership with Algeria’s National Investment Fund (FNI), also plans to establish a factory dedicated to manufacturing pasta, with the intention of exporting the produce.
“The AAPI is currently finalizing negotiations with Bonifiche Ferraresi to ensure the successful realization of this project, which promises to significantly enhance our agricultural sector,” Rekkache stated.
Qatari Tourism Investment
In the tourism sector, AAPI is in discussions with a Qatari partner who has expressed interest in investing in two prime tourist areas. Although specific details of the projects were not disclosed, Rekkache emphasized the potential of these investments to transform Algeria’s tourism landscape, providing a boost to the economy and creating numerous job opportunities.
Strategic Importance of the Projects
These projects underscore Algeria’s strategic move to attract substantial foreign investments, aiming to diversify its economy beyond the dominant hydrocarbons sector. The focus on agriculture and tourism highlights a deliberate shift towards sustainable and long-term economic growth.
Agricultural Advancements
The large-scale agricultural project with Bonifiche Ferraresi is expected to significantly boost local cereal production, positioning Algeria as a key player in the agricultural market. The inclusion of a pasta manufacturing plant further adds value, enhancing export capabilities and contributing to economic diversification.
Tourism Development
The proposed Qatari investments in tourism infrastructure are anticipated to enhance Algeria’s appeal as a tourist destination. Improved tourism facilities are likely to attract more visitors, thereby increasing tourism revenues and fostering economic development.
The announcement of these foreign projects signals a growing confidence in Algeria’s investment climate from international investors. With strategic collaborations and significant investments in key sectors, these projects are set to play a crucial role in Algeria’s economic diversification and sustainable development goals.
