Algeria Seeks to Become an Investment ‘Gateway’ in Africa

Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
TT

Algeria Seeks to Become an Investment ‘Gateway’ in Africa

Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
Meeting at the 2nd Russia-Africa Summit (Russian Presidency)

Algeria pledged during the Second Russia-Africa Summit, which concluded its work in St. Petersburg, to become an investment gateway for Russian investors to enter the continent.

It advocated for a solid and profitable African-Russian partnership for both parties and the emergence of a fair international system.

The Algerian Prime Minister, Aymen Benabderrahmane, affirmed on the summit's sidelines that his country's positive development indicators in recent years make it the gateway to Africa within the strategic partnership with Russia.

Benabderrahmane pointed out that President Abdelmadjid Tebboune's visit to Russia in mid-June pushed the bilateral relations further.

During the visit, the two countries launched a strategic partnership covering many sectors, including renewable energies.

On Thursday, Russian Energy Minister Nikolay Shulginov announced a partnership with Algeria to produce two million cubic meters of gas daily, starting in 2026.

Shulginov said that Gazprom plans to start the production of hydrocarbons in the el-Assel area in Algeria in 2026.

Benabderrahmane stated that Algeria and Moscow are working on an approach developed by the two Presidents to move towards consolidating a deep partnership, noting that his country is Russia's second trading partner in Africa.

The PM stressed that the most crucial indicator recorded by the Algerian economy is the rise in per capita income to $4,800, while the gross domestic product was estimated at $255 billion, with a growth rate that may exceed five percent in 2023.

He explained that the positive indicators resulted from the economic dynamism, including the state measures and the new investment law, which approved projects worth more than $7.2 billion and will enable the creation of 50,000 jobs.

In a meeting with Algerian investors at an economic exhibition in St. Petersburg, the Prime Minister discussed investing in various sectors and opportunities offered by the national economy, especially in services.

He referred to Algeria's outstanding capabilities, especially in tourism and digital technologies, which create wealth and jobs, stressing that authorities took several incentive measures in favor of exporting institutions.

Officials in Algeria aspire to reach $13 billion in non-hydrocarbon exports, and the government aims to use food, agricultural, and start-up companies to increase exports.

At the summit, Benabderrahmane read a speech on behalf of Tebboune stating that Algeria looks forward to building a strong African-Russian, mutually beneficial partnership for the emergence of a just international order that respects the principles of international law and multilateralism.

Algeria is making significant efforts to support development in the continent, especially in reducing indebtedness and developing infrastructure in many of its countries, said the Prime Minister, noting that lowering debt allows African countries to overcome a significant obstacle and benefit from new funds.



EU’s Borrell Urges Israel to Accept Lebanon Ceasefire ‘Today’

 European Union foreign policy chief Josep Borrell gives a statement to the media after his meeting with Lebanese Parliament Speaker Nabih Berri, in Beirut, Lebanon, Sunday, Nov. 24, 2024. (AP)
European Union foreign policy chief Josep Borrell gives a statement to the media after his meeting with Lebanese Parliament Speaker Nabih Berri, in Beirut, Lebanon, Sunday, Nov. 24, 2024. (AP)
TT

EU’s Borrell Urges Israel to Accept Lebanon Ceasefire ‘Today’

 European Union foreign policy chief Josep Borrell gives a statement to the media after his meeting with Lebanese Parliament Speaker Nabih Berri, in Beirut, Lebanon, Sunday, Nov. 24, 2024. (AP)
European Union foreign policy chief Josep Borrell gives a statement to the media after his meeting with Lebanese Parliament Speaker Nabih Berri, in Beirut, Lebanon, Sunday, Nov. 24, 2024. (AP)

The European Union's foreign policy chief urged the Israeli government on Tuesday to back a proposed ceasefire deal in Lebanon which he said has all the necessary security guarantees for Israel.

Speaking at a G7 Foreign Ministers meeting in Italy, Josep Borrell said there was no excuse for not implementing the deal with Iran-backed Hezbollah, adding pressure should be exerted on Israel to approve it immediately.

"Let's hope that today (Israeli Prime Minister Benjamin) Netanyahu will approve the ceasefire agreement proposed by the US and France. No more excuses. No more additional requests," Borrell said, criticizing hard-line Israeli ministers who have spoken against the deal.

Israel looks set to approve a US plan for a ceasefire with Hezbollah on Tuesday, a senior Israeli official said.

Borrell, who said he discussed prospects for a deal in a recent trip to Lebanon, said one of the sticking points was whether France should be included in a committee monitoring the implementation of the ceasefire, which the US is due to chair.

He said the Lebanese have specifically asked for France's involvement, but the Israelis have misgivings.

"This is one of the points that are still missing," he said.

Borrell also criticized what he saw as Western double standards on the International Criminal Court's (ICC) arrest warrants for Netanyahu, his former defense chief, and a Hamas leader, for alleged war crimes and crimes against humanity in the Gaza conflict.

"You cannot applaud when the court goes against (Russian President Vladimir) Putin and remain silent when the court goes against Netanyahu," he said, urging European Union member states to support the ICC.

Italy, which holds the G7 presidency, said on Monday it was trying to broker a common position for the group on the ICC decision, but progress is hard since the US has said it does not recognizethe jurisdiction of the court and opposes the arrest warrant for Netanyahu.

The G7 comprises the US, Italy, France, Germany, Britain, Canada and Japan.