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)
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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.



UN Rights Chief ‘Gravely Concerned’ by Lebanon Escalation

Smoke billows above Beirut’s southern suburbs following an Israeli airstrike on November 26, 2024, amid the ongoing war between Israel and Hezbollah. (AFP)
Smoke billows above Beirut’s southern suburbs following an Israeli airstrike on November 26, 2024, amid the ongoing war between Israel and Hezbollah. (AFP)
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UN Rights Chief ‘Gravely Concerned’ by Lebanon Escalation

Smoke billows above Beirut’s southern suburbs following an Israeli airstrike on November 26, 2024, amid the ongoing war between Israel and Hezbollah. (AFP)
Smoke billows above Beirut’s southern suburbs following an Israeli airstrike on November 26, 2024, amid the ongoing war between Israel and Hezbollah. (AFP)

The UN rights chief on Tuesday voiced concern about the escalation of hostilities in Lebanon, where his office said nearly 100 people had been reported killed by Israeli airstrikes in recent days, including women, children and medics.

Israel has been locked in fighting with Lebanese armed group Hezbollah since Oct. 2023, and fighting has escalated dramatically since late September of this year.

"UN Human Rights Chief Volker Turk is gravely concerned by the escalation in Lebanon with at least 97 people reportedly killed in Israeli airstrikes between the 22nd and 24th of November," Jeremy Laurence, a spokesperson for the Office of the High Commissioner of Human Rights, told a Geneva press briefing.

He said that at least seven paramedics had been reported killed in three Israeli strikes in the south of Lebanon on Nov. 22-23, adding to 226 healthcare worker deaths since Oct. 7, 2023. He did not specify how many of the recent deaths had been verified by UN human rights monitors.

Israel says it targets military capabilities in Lebanon and Gaza and takes steps to mitigate the risk of harm to civilians. It accuses Hezbollah, like Hamas, of hiding among civilians, which they deny.