The implications of President Tebboune’s speech before members of both chambers of Parliament.. Algeria is in the process of becoming an emerging country – New Algeria

One of the most important implications of the speech delivered on Sunday by President Tebboune to members of both chambers of Parliament in the capital lies in the fact that Algeria is in the process of becoming an emerging country, according to data presented by the President of the Republic regarding macroeconomic indicators, as well as the development of giant projects that are in the process of being completed, especially in the field of mines.

The economic aspect received a large space in the speech delivered by the President of the Republic, Abdelmadjid Tebboune, before members of both chambers of Parliament, through the President highlighting a number of axes that created great momentum in economic life in recent years, especially the mining sector and the petrochemical industry sector.

President Tebboune also presented expectations regarding the overall indicators related to the economy during the current year 2024, which is about to end, indicating that the economic growth rate will not be far from 4 percent, adding that Algeria has previously achieved a growth rate exceeding 4 percent during the year 2023 with a certificate. International financial bodies, a growth rate that some developed countries have not always achieved.

Such data are what made President Tebboune clearly confirm that Algeria “has entered the circle of emerging countries and will become so within a few months,” noting in this context that the country has registered, within 15 months, up to 10,500 investment projects, including 160 projects. A foreigner, thanks – as he said – to the attractiveness of the new investment law that came into effect in the year 2022, with the element of legislative stability it carries in this field for a period of no less than ten years.

The mining sector received a large portion of President Tebboune’s speech, referring to the giant projects that Algeria is working on in the areas of exploitation of iron, phosphate, zinc and lead ores, adding that the beginning of the year 2026 will be decisive in the field of exporting related manufactured products abroad, through large projects. The railway is currently being implemented.

The data presented by President Tebboune on the economic side reflected the great economic momentum that Algeria has witnessed in recent years, as the goal remains – as he said – to get out of dependence on fuel exports, whose revenues change with changes in their prices on the international market. He also highlighted some of the areas in which Algeria has achieved exports abroad. The range of hydrocarbons, such as cement, of which Algeria produces about 40 million tons annually.

Aziz Latrash