Monitoring Desk: Algeria has emerged as a significant player in the African economy, boasting a strategic location, vast natural resources, reports APP News Agency.
With a gross domestic product (GDP) of approximately $270 billion in 2024, Algeria ranks as the third-largest economy in Africa, information shared by the Algerian Embassy in Islamabad. Algeria’s economy is expected to grow at a rate of 3.8% in 2024 and 3.5% in 2025, driven by hydrocarbon exports and public spending.
The country has substantial foreign currency reserves, estimated at $70 billion.
Algeria is a leading producer of natural gas and oil, with reserves of 4.5 trillion cubic meters and 12 billion barrels, respectively.
The country has fertile land suitable for various types of agriculture, with production valued at $38 billion, covering over 75% of national needs.
Algeria has introduced a new investment law offering privileges and guarantees for national and foreign companies, with tax and customs exemptions ranging from 3 to 10 years.
The country is partnering with international companies, such as Eni, ExxonMobil, and Chevron, to develop its energy sector.
Foreign investors, including Qatari, Italian, and Saudi companies, are investing in Algeria’s agricultural sector, particularly in the Sahara region.
Algeria has invested heavily in modern infrastructure, including highways, railways, airports, and seaports.
The country is working on a trans-Saharan gas pipeline, linking northern Algeria to Nigeria, with a length of 5,000 km.
Algeria is member of African Continental Free Trade Area (AfCFTA), aiming to promote economic integration and trade exchange among African countries.
The country is strengthening its relations with African countries, hosting economic conferences and exhibitions to promote cooperation and partnership.
