Algeria Attracts Major Foreign Investments in Agriculture and Tourism Sectors

Algeria's investment agency head, Omar Rakash, has announced significant foreign investments in the country's agriculture and tourism sectors. Rakash attributed this influx of investments to Algeria's encouraging investment climate and the facilitations provided to investors.

The tourism sector is a key focus for Algeria, which aims to increase foreign tourist arrivals from 3.3 million in 2023 to 12 million by 2030. To achieve this ambitious goal, the country has approved 2,000 tourism projects, with 800 currently under construction. Additionally, 249 historical sites have been earmarked for tourism expansion, with 70 already prepared and 50 more undergoing restoration.

Algeria's efforts to diversify its economy and attract foreign investments have significant implications for the country's economic growth and stability. If successful, these initiatives could lead to increased economic opportunities and improved living standards for Algerians, and a reduced reliance on oil and gas revenues.

Saliha Nacerbay, General Director of the National Tourism Office, emphasized the sector's commitment to promoting investment. *"To achieve this, we in the tourism and traditional industry sector are seeking to encourage investments, provide facilities to investors, build tourist and hotel facilities,"* Nacerbay stated.

Despite its rich cultural and scenic heritage, Algeria's tourism sector faces several challenges. The inflexible visa system and poor transport links are significant obstacles that need to be addressed. Additionally, the country must grant privileges to local and foreign private investors to enable tourism to flourish.

French tourist Patrick Lebeau highlighted the potential and challenges of Algeria's tourism sector: "Obviously, there is a lot of tourism potential, but much work still needs to be done to attract us."

Algeria's agriculture sector is also set to benefit from foreign investments. The country's favorable climate and soil conditions make it an attractive destination for agricultural ventures. While specific details on the investments are not provided, the focus on agriculture highlights Algeria's broader strategy to diversify its economy and reduce reliance on oil and gas revenues.

In 2023, Algeria welcomed 3.3 million foreign tourists, with 1.2 million of them being Algerians from the diaspora visiting families. In comparison, neighboring Morocco welcomed 14.5 million visitors the same year. The tourism sector in Algeria provided 543,500 jobs in 2021, while tourism professionals in Morocco estimate the sector provides 700,000 direct jobs.

Algeria's efforts to attract foreign investments are part of a broader strategy to diversify its economy and enhance key sectors. The focus on news and tourism reflects the country's commitment to leveraging its natural resources and cultural heritage to drive economic growth.

Key Takeaways

• Algeria attracts foreign investments in agriculture and tourism due to its encouraging investment climate.
• The country aims to increase foreign tourist arrivals from 3.3 million to 12 million by 2030.
• 2,000 tourism projects are approved, with 800 under construction, and 249 historical sites earmarked for expansion.
• Algeria's tourism sector faces challenges, including inflexible visa systems and poor transport links.
• The country seeks to diversify its economy, reducing reliance on oil and gas revenues, and create new economic opportunities.