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.



Israeli War Planes Pound Beirut Suburb, Hezbollah Strikes Back

 Smoke rises after an Israeli airstrike on the southern suburb of Beirut known as Dahiyeh, Tuesday, Nov. 12, 2024. (AP)
Smoke rises after an Israeli airstrike on the southern suburb of Beirut known as Dahiyeh, Tuesday, Nov. 12, 2024. (AP)
TT

Israeli War Planes Pound Beirut Suburb, Hezbollah Strikes Back

 Smoke rises after an Israeli airstrike on the southern suburb of Beirut known as Dahiyeh, Tuesday, Nov. 12, 2024. (AP)
Smoke rises after an Israeli airstrike on the southern suburb of Beirut known as Dahiyeh, Tuesday, Nov. 12, 2024. (AP)

The Israeli military pounded Beirut's southern suburbs with airstrikes on Tuesday, mounting one of its heaviest daytime attacks yet on the Hezbollah-controlled area after the defense minister ruled out a ceasefire until Israeli goals were met.

Smoke billowed over Beirut as around a dozen strikes hit the southern suburbs from mid-morning. After posting warnings to civilians on social media, the Israeli military said it had struck Hezbollah targets in the Dahiyeh area of southern Beirut, including command centers and weapons production sites.

It said it had taken steps to reduce harm to civilians and repeated its standing accusation that Hezbollah deliberately embeds itself into civilian areas to use residents as human shields, a charge Hezbollah rejects.

In northern Israel, two people were killed in the city of Nahariya when a residential building was hit by a missile, Israeli police said.

Israelis were forced to take shelter across the north as attack drones were launched from Lebanon, the military said. One hit the yard of a kindergarten in a Haifa suburb, where the children had been rushed into a shelter, rescue workers said. None were hurt.

An Israeli strike back across the border killed five people in the Lebanese village of Baalchmay southeast of Beirut, and five more were killed in a strike on the town of Tefahta in the south, Lebanon's health ministry said. Another person was killed in a strike in Hermel in the northeast, it said.

Beirut residents have largely fled the southern suburbs since Israel began bombing it in September. Footage of one strike shared on social media showed two missiles slamming into a building of around 10 storeys, demolishing it and sending up clouds of debris.

Ignited by the Gaza war, the conflict between Israel and the Iran-backed Hezbollah had been rumbling on for a year before Israel went on the offensive in September, pounding wide areas of Lebanon with airstrikes and sending troops into the south.

Israel has dealt Hezbollah heavy blows, killing many of its leaders including Hassan Nasrallah, flattening large areas of the southern suburbs, destroying border villages in the south, and striking more widely across Lebanon.

Since hostilities erupted a year ago, Israeli attacks have killed at least 3,287 people in Lebanon, the majority in the last seven weeks, according to the Lebanese health ministry. Its figures do not distinguish between civilians and combatants.

Hezbollah attacks have killed about 100 civilians and soldiers in northern Israel, the Israeli-occupied Golan Heights, and southern Lebanon over the last year.

WAR GOALS

Israel's new defense minister Israel Katz said on Monday there would be no ceasefire in Lebanon until Israel achieves its goals.

"Israel will not agree to any arrangement that does not guarantee Israel's right to enforce and prevent terrorism on its own, and meet the goals of the war in Lebanon - disarming Hezbollah and its withdrawal beyond the Litani River and returning the residents of the north safely to their homes," he said.

Israeli Foreign Minister Gideon Saar had said earlier on Monday there had been "a certain progress" in ceasefire talks but the main challenge facing any ceasefire deal would be enforcement.

The Lebanese government, which includes Hezbollah, has repeatedly called for a ceasefire based on the full implementation of a UN resolution that ended a war between the group and Israel in 2006.

The resolution calls for the area south of the Litani to be free of all weapons other than those of the Lebanese state. Lebanon and Israel have accused each other of violating the resolution.

Israel's offensive has driven more than 1 million people from their homes in Lebanon, causing a humanitarian crisis.

Hezbollah rocket fire into northern Israel has forced tens of thousands of people to evacuate the area over the last year.