Africa: Trade Grows Between Algeria and Europe

In the first quarter of 2024, the trade turnover between Algeria and European countries reached 11.3 billion dollars. As emphasized by Omar Rekkache (pictured), director general of the Algerian Investment Promotion Agency (Agence Algérienne de Promotion de l’Investissement, AAPI), this trend confirms Europe’s position as a “privileged trading partner” of the North African country. Algeria imports machinery and technology, agricultural products, and consumer goods from Europe, strengthening its economic ties with the Old Continent year after year.

“Deep integration with European markets is a reflection of our interdependence, as well as mutual trust and economic opportunity,” Rekkache said. In 2023, Algeria passed a new law guaranteeing investors numerous benefits. “Since the new law came into force, our agency has registered more than 3400 investment projects, of which more than 70 are foreign direct investments, thanks to which 86,000 new jobs have been created in the country,” Rekkache said.

According to Les Chiffres d’Affaires news agency, the hydrocarbon sector continues to dominate Algeria’s exports at the moment, while the North African country is working to diversify its economy by significantly increasing exports outside the oil and gas sector. The country is also intensely developing alternative energy sources and aims to reach a capacity of 15,000 megawatts of renewable energy by 2035. The Algerian government is working on a new national energy model that involves optimizing the sector with an energy transition in mind.