“I am here to reaffirm that we also believe in the prosperous future that awaits us and that we are ready to join our friends in the United Kingdom in taking further steps towards building a strong and vibrant partnership,” declared Mr. Attaf during a meeting at the Algerian embassy in London with a group of economic operators and British businessmen, members of the Algerian-British Business Council.
“Over the past few years, we have demonstrated together that this strategic objective is within our reach. We have indeed achieved higher levels of cooperation in the main areas which constitute the bulk of our bilateral relations, notably in the political areas , security, cultural and economic", he underlined, in the presence of Lord Richard Risby, special envoy of the British Prime Minister responsible for promoting economic partnership with Algeria, and Lady Olga Maitland, president of the Council of Algerian-British affairs.
In this regard, he continued, "it is very encouraging to note that trade between Algeria and the United Kingdom has grown by 40%, reaching a total amount of 2.4 billion dollars in 2022.
Furthermore, Mr. Attaf took the opportunity to highlight the new business opportunities in Algeria, opportunities, he wanted to specify, "which emerged following the implementation of the various economic reforms initiated by the President of the Republic, Mr. Abdelmadjid Tebboune.
But before discussing these reforms, the minister revealed some figures representing New Algeria. In this regard, he specified that Algeria's GDP amounts to 224 billion dollars in 2023. Economic growth is estimated at a rate of 5.3% in 2023, compared to 4.7% in 2022, and growth in non-hydrocarbon sectors accelerated by 4.9% in 2023 compared to 4.3% in 2022.
Attaf meets a group of British economic operators and businessmen
In addition, Algeria's trade balance reached a surplus of $20.21 billion at the end of 2022, compared to $1.1 billion the previous year. Non-hydrocarbon exports recorded a “significant” increase, going from 5 billion in 2021 to 7 billion dollars in 2022.
“As for foreign exchange reserves, they will be around USD 80 billion in 2023, and for more than fifteen years, external debt has almost ceased to exist in the Algerian economic landscape. Inflation, despite the rise in commodity prices "import, was contained at 9.5% during the first seven months of 2023", he detailed.
Algeria, a key player in access to neighboring markets
These encouraging economic performances, Mr. Attaf further underlined, "are the result of the important reforms undertaken by the Algerian government to establish a favorable business climate in line with the expectations of foreign investors."
He also wished to recall that "the strategic geographical location of the country in North Africa serves as a gateway to both Europe and Africa, offering unprecedented access to vast markets and business opportunities.
“Aware of the potential offered by its geographical position, the government has strengthened it through free trade agreements with Africa, the European Union and the Arab world. This makes Algeria a key player in access to neighboring markets,” he continued.
And in order to further consolidate this asset, Algeria "has undertaken the construction of new ports, which will be connected to other African countries by road, with the trans-Saharan highway and by train, with a construction project of a total of 12,500 km of railway lines linking Algeria to Mauritania, Tunisia, Mali, Niger, Chad and Nigeria.
In the same spirit, "we are increasing our air connections with African and European countries in order to streamline trade. In addition, Algeria has a young, talented and profitable workforce, eager to contribute to the development of our nation."
"Besides the energy sector, Algeria hopes to exploit the potential of other resources such as steel, zinc, phosphate and rare earths. These resources provide a solid basis for investments in multiple sectors, from energy and petrochemicals to agriculture, railways and manufacturing," he says.
Furthermore, the agricultural sector presents an untapped opportunity for investors, particularly in the southern part of the country where the aim is to prepare 3 million hectares for large-scale investments, according to the minister.
“Similarly, start-ups in Algeria hold enormous potential that is just waiting to be exploited. And the same goes for information technology and healthcare.”
In conclusion, Mr. Attaf invited the United Kingdom to "further explore Algeria's enormous commercial potential, to be the driving force behind this promising economic partnership between the two friendly countries, and to renew its confidence in a country which finally unleashes its full potential in order to be a credible and reliable player in the global economy."