✏️ BY: Dr. Hana Saada
Algiers- Algeria, May 14, 2024 – Three ministers, representing Finance, Energy and Mines, and Industry and Pharmaceutical Production, participated in a meeting organized by the consultancy firm PwC on Tuesday, focusing on the first Algerian edition of the Global CEO Survey, themed “Transformation and Resilience: Algeria on the Eve of a New Economic Era.” The government officials expressed their contentment with the survey outcomes.
“Reflecting the significant economic potential of our country, especially its attractiveness for investments, despite a volatile international context with economic, climate, and geopolitical implications,” emphasized Finance Minister Laâziz Faïd. He noted substantial progress in the economic sector, particularly in enhancing the business climate and creating an investment-friendly environment, leading to a “solid and stable” macroeconomic framework. “Deep-rooted work has been done, especially in formulating public policies. This survey confirms the good health of our economy,” he emphasized, referencing the positive conclusions on Algeria’s economic indicators by the World Bank. Faïd highlighted the government’s heavy investments to achieve economic recovery objectives, underscoring the vital role of the state budget in financing the economy.
Faïd pointed out the fiscal facilitations introduced, such as repealing the tax on professional activity (TAP), a major demand of the business community. He stated that the 23% tax rate is the lowest in the Mediterranean basin. He stressed the government’s determination to support investors in economic diversification and wealth creation objectives. “We are acting on three fronts: financial, fiscal, and monetary,” he said, also mentioning efforts internationally through the establishment of banks abroad, with plans for opening a bank in France. “We also aim to have representation in China,” he announced. This is to support current economic growth of 4.1% and achieve a GDP of $400 billion by 2026.
With potential in various sectors—industrial, agricultural, and tourism—Faïd believes this objective is “achievable,” highlighting significant state investments in training human resources and skilled labor. “35% of the state budget is allocated to human resources,” he emphasized. Speaking in the same investment and exportation panel, Kamel Moula, President of Crea, noted Algeria offers attractive opportunities for national and foreign investments, with facilitations introduced to boost investment activity. “The bank interest rate needs to be reviewed,” he observed. The Director of the Algerian Investment Promotion Agency (AAPI) indicated that reforms’ fruits are tangible, revealing nearly 7,000 registered projects.
Energy Transition Success
Minister of Energy and Mines, Mohamed Arkab, leading the energy transition panel with CEOs of Sonatrach and Sonelgaz, focused on the strategy for energy security. He emphasized Algeria’s role as a reliable global energy supplier, stating Algeria “resolutely commits to a new sustainable energy era.” He reviewed strategic projects in renewable energy, aiming for 15 GW capacity in renewables by 2035, with 3 GW launched. “This demonstrates our commitment to a responsible and planned energy transition,” he said. He aims for civil nuclear power for electricity production in the long term. For financing, he mentioned local financing via a loan guaranteed by the national bank. The total cost of the first phase of 3,300 MW is 413 billion DZD. “The rest will rely on private actors and operators as Independent Power Producers for assembly, financing, and operation,” he said. Regarding green hydrogen, Arkab indicated it’s a priority, aiming to produce and export 40 TWH. Two pilot projects are planned with German companies. Algeria actively participates in discussions for the South Corridor H2.
Steel Sector Progress
Minister of Industry and Pharmaceutical Production, Ali Aoun, speaking on the steel sector panel, stated Algeria has transitioned from a steel importer to an exporter in the last three years. “This sector will grow, especially in production capacity, supplying local industry, railways, automotive, and appliances,” he affirmed. “Thanks to government policies granting facilitations and advantages, the trade balance of steel products has been positive.” Algeria is positioned to strengthen its role as a supplier, particularly to Europe.
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