BRICS Membership Propels Algeria’s Economic Showcase: Nation Gears Up to Deploy Its Economic Assets
BY: Hana Saada
Algiers, August 8, 2023 – As Algeria strides towards maximizing the benefits of its BRICS membership, the nation is now turning its economic prowess to the fore. A high-stakes economic forum, to be held on the fringes of the upcoming BRICS summit, is poised to witness a dynamic display of Algerian industry and innovation. In a resounding call to its business community, the Algerian Chamber of Commerce and Industry has rallied companies across diverse sectors to engage in this landmark event, scheduled from August 19 to 23 in Johannesburg, Africa’ southern hub.
A Showcasing of Potential
Undoubtedly, this forum marks a decisive move in showcasing Algeria’s economic potential under the banner of “Made in Algeria.” The nation’s foray into sectors spanning agribusiness, energy and mining, technology, and financial services is poised to be unveiled. A missive dispatched by the Chamber of Commerce’s Secretary General has ignited fervor among Algerian enterprises to participate in this monumental event, poised to echo Algeria’s vibrancy on the global economic stage.
A Remarkable Opportunity
Tarek Boulmerka, President of the national association of Algerian exporters (Anexal), hailed the forthcoming BRICS forum as yet another arena for Algerian businesses to flaunt their mettle. Drawing parallels with their successful endeavors during presidential trips to Portugal, Russia, and China, Boulmerka emphasized the potential for significant engagement with foreign counterparts. Notably, these interactions have culminated in strategic agreements, conventions, and dialogues, particularly with technologically adept Chinese partners.
Glimpses of a Resurgent Future
Signaling the salience of pivotal sectors outlined in the Chamber’s directive, Boulmerka extolled energy, industry, and technology as conduits of Algerian promise. Envisaging their growth trajectories, he affirmed their significance, citing startups, the cement industry, steel industry, and agri-food sector as emblematic of this burgeoning potential. He echoed that these sectors not only have a burgeoning present but also offer a strategic vision to propel Algeria’s economic ascendancy.
Agri-Food Ascendancy
Boulmerka underscored Algeria’s dominance in the North African agri-food sector, a testament to its ability to contend even with European counterparts. With the agility to produce juices, sodas, mineral water, and other products on par with global standards, Algeria’s small and medium-sized enterprises stand poised to compete on a global scale. Amid this potential, Boulmerka also underscored the necessity of certification and support for these SMEs, nurturing their growth and impact.
Charting New Markets
Highlighting Algeria’s evolving global presence, Boulmerka revealed the imminent launch of showrooms in Senegal, Mauritania, and other African nations. These centers will allow Algerian products to be perennially on display, thus tapping into year-round opportunities and catering to burgeoning markets.
Service Sector Surge
The service sector, too, finds its stride in Algeria’s ascension to the BRICS group. Notably, electronic and financial services are witnessing export-driven growth, with global demand as their driving force. Boulmerka lauded Algerian startups and service companies for leaving a lasting impression during their international sojourns, a testament to their innovation and prowess.
Currency Clout: The Game-Changer
Boulmerka drew attention to the transformative potential of Algeria’s membership in the BRICS group. The imminent shift to a single currency within the group holds the promise of heightened competitiveness for Algerian products. With this robust currency backing its exports, Algeria is poised to ride the wave of economic momentum, leveraging reduced import costs, transportation expenses, and taxes to amplify its global footprint.
As Algeria sets its sights on the BRICS summit, this economic showcase resonates as a testament to the nation’s unwavering commitment to harnessing its economic prowess. The forthcoming forum stands as an arena where Algerian companies not only demonstrate their potential but elevate the nation’s stature in the global economic landscape. The resounding message is clear: Algeria is ready to wield its economic assets on the global stage.
