Professor Abderrahmane Mebtoul Champions Equitable Development and Economic Diversification in the Context of BRICS Influence and Algeria’s New Role in the Development Bank

BY: Dr. Hana Saada

Algiers, Algeria | October 23rd, 2024 — Renowned economist and former minister, Professor Abderrahmane Mebtoul, shared insightful remarks during a recent television program regarding Algeria’s recent full membership in the Development Bank. He discussed how this development could influence the country’s infrastructure and energy projects as part of its broader strategy to diversify its economy.

Mebtoul stated, “Algeria’s goal is to move towards a diversified economy, reflecting a tendency towards greater openness. Contrary to popular belief, there is no absolute liberalism in any country around the world. For instance, while the United States is the center of liberal economics, they protect their economy with tariffs. We live in an interconnected world characterized by intense competition, and we must adapt to these new global changes.”

He emphasized Algeria’s intention to integrate into the new international division of labor, noting the potential impact of the BRICS group’s increasing influence on international relations. Mebtoul highlighted that the core principle of BRICS is that comprehensive development cannot be achieved without the growth and prosperity of the majority of developing countries—an idea that has long been overlooked by developed nations.

“We live in an unequal world where the wealth of a minority competes with the poverty of the majority. This imbalance is detrimental to humanity; we need balanced development,” he asserted. The professor also pointed out that when a few countries dominate the world, it results in an unbalanced global landscape. The BRICS nations are advocating for a multipolar world that is fairer and more equitable in international relations, as it is not in the interest of rich nations for poorer countries to thrive.

Mebtoul further connected this notion to Chinese President Xi Jinping’s vision of creating a community with a shared future, underlining the idea that all nations are interconnected. He remarked, “When there is an increase in the GDP of poorer countries, it directly contributes to the prosperity of richer nations.”

In conclusion, Mebtoul’s insights shed light on Algeria’s strategic ambitions in the context of its new membership in the Development Bank, highlighting the need for balanced global development and cooperation among nations for a more equitable future.

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