Forum on African Investment, Trade: Algeria Ready to Strengthen Economic Presence on Continent
✏️ BY: Dr. Hana Saada
Algiers- Algeria, May 7, 2024 – During the Forum on African Investment and Trade held in Algiers, Minister of Public Works and Basic Infrastructure, Lakhdar Rekhroukh, expressed Algeria’s readiness to strengthen its regional and continental presence, leveraging its economic strengths and extensive experience across various economic sectors.
In his speech at the opening of the 10th edition of the Forum on African Investment and Trade (AFIC10), Mr. Rekhroukh highlighted Algeria’s active participation in the development of intra-African trade, particularly through the export of numerous non-oil products to African countries. He emphasized the importance of economic border crossings in achieving gains in intra-African trade, underlining Algeria’s conviction that development cannot be achieved without openness to neighboring countries, especially those to the south.
Mr. Rekhroukh also underscored Algeria’s awareness of the strategic importance of regional infrastructure projects, such as the Trans-Saharan Road and the Trans-Saharan railway project. These projects, including the road connecting Tindouf to Zouerate (Mauritania), are pivotal for enhancing access to West Africa and achieving African strategic depth.
Support for these major continental projects is aligned with the commitment of President Abdelmadjid Tebboune to African issues, aimed at improving cooperation and promoting development tools. The creation of free zones between Algeria and other African countries is part of this commitment, with the goal of attracting investments, stimulating trade, creating jobs, and accelerating the development of the African Continental Free Trade Area (AfCFTA).
Mr. Rekhroukh urged Africans to unify their vision in an era marked by the proliferation of regional economic blocs, emphasizing the need to mobilize the necessary means to accelerate economic integration on the continent.
Regarding AFIC10, the Minister described it as a platform for building sustainable partnerships and strengthening efforts towards continental economic integration in line with the objectives of the Africa Agenda 2063. The forum aims to facilitate the exchange of experiences and knowledge, create a strong cross-border hub, and propose effective cooperation mechanisms to facilitate trade between African countries.
The opening ceremony of AFIC10 was attended by over 250 investors and businessmen from 39 countries, along with representatives of ministerial departments, diplomatic corps, and international organizations. Bilateral meetings and visits to structures, factories, and companies in Algeria are planned to strengthen partnerships and cooperation in various economic sectors. The collaboration with African, Arab, and international organizations underscores the significance of AFIC10 in promoting economic development and fostering partnerships across the continent.
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