Government Action Plan: Increasing investment in hydrocarbon sector to nearly $10 billion in 2023

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Algiers- Prime Minister and Finance Minister Aïmene Benabdelrahman announced, Monday in Algiers, during his presentation of the government’s action plan to deputies of People’s National Assembly that the government will continue to invest in extraction and development in the hydrocarbons sector, which will rise from $7.4 billion in 2021 to nearly $10 billion in 2023.

In the same context, he stressed that the government’s efforts will focus within the framework of its action plan on developing sectors that constitute tributaries to economic growth and development, as it will continue the reforms undertaken by the state to develop energy and mining sector, through the valorization of natural resources thanks to an increase in the conversion in the hydrocarbon sector from 30% to 50 percent in 2022.

PM also added that the government will work to exploit the mining wealth, noting that it “suffered from the lack of a clear national strategy, which is time to work on advancing this sector in a way that allows responding to the national needs of mineral raw materials and thus reduce the import bill.”

When addressing the energy transition, Mr. Benabderrahmane indicated that as the latter is “an important tributary of economic growth thanks to the wealth that our country has in the field of renewable energies, the government has given it special care and made it an important focus” in its work program in pursuit of energy security and ensuring green and sustainable growth, through the realization of 15,000 megawatts of renewable energies in the horizons of 2035.

Industry: Establishing a body to provide various incentive benefits

On the other hand, the Prime Minister stressed that “we will work firmly” to develop the industrial divisions that contribute to economic diversification by establishing an authority with broad powers to manage various mechanisms that grant various advantages and incentives to industrial institutions, with the aim of ensuring better targeting of these advantages and directing industrial investments towards areas with Great potential and identifying regressive activities.

The Prime Minister also clarified that the government will work to develop national industrial capabilities in order to achieve self-sufficiency, and direct the surplus towards exports after being able to meet the competitive conditions.

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