Staff Reporter
Karachi: Algeria’s Ambassador to Pakistan has urged the Pakistani business community to capitalize on emerging investment opportunities in Algeria, describing the North African nation as a “strong base leading to Africa” and a vital bridge between Africa, Europe, Asia, and the Americas.
Speaking at a reception marking Algeria’s 71st National Day, the ambassador celebrated the country’s historic Revolution of November 1, 1954, and highlighted the deep-rooted friendship between Algeria and Pakistan. The event, hosted in Islamabad, was attended by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan as chief guest, along with senior diplomats and dignitaries.
In a statement issued by the Embassy of Algeria, the ambassador thanked Pakistan for being among the first nations to support Algeria’s liberation struggle, beginning with the Bandung Conference of 1955 and continuing through independence in July 1962. He reaffirmed the countries’ shared commitment to multilateralism and just causes, noting their coordination on issues such as Palestine and Western Sahara, and their active roles as non-permanent members of the UN Security Council.
Algeria’s Economic Renaissance
The envoy painted a picture of a nation in transformation under President Abdelmadjid Tebboune, citing strong growth and ambitious development goals. Algeria recorded a 4.1% growth rate in 2024, with a GDP of $270 billion, ranking as Africa’s third-largest economy—notably operating without external debt.
By 2027, Algeria’s GDP is projected to reach $400 billion, potentially making it the continent’s second-largest economy. The country is also expanding its role as an energy and industrial powerhouse, producing 50 billion cubic meters of gas for Europe annually, and launching major projects targeting 50 million tons of iron and 10 million tons of phosphate production by 2027.
Call to Pakistani Investors
Highlighting Algeria’s new investment law, introduced in 2022, the ambassador said it grants equal rights and privileges to local and foreign investors, including broad tax incentives. He noted that over 17,000 investment projects—including 300 mega projects—have been registered by the Algerian Investment Promotion Agency in the past three years.
He cited the success of the Intra-African Trade Fair hosted in September, where contracts worth $48.3 billion were signed, with $23.6 billion involving Algeria, underscoring its growing influence in continental trade and integration.
Inviting Pakistani entrepreneurs to align with Islamabad’s “Look Africa” policy, the envoy said Algeria’s strategic location and investor-friendly climate make it an ideal partner. He also announced that the embassy has facilitated around 600 business visas in the past three years to encourage bilateral engagement.
The ambassador concluded by reaffirming both nations’ political will, expertise, and shared economic vision, emphasizing that Pakistan and Algeria are well-positioned to deepen their partnership for a mutually prosperous future.
