- September 7, 2016
The meaning of Algeria is Al-Jaza’ir, where majority of the population is Arab and Berber, and particularly there are more isolated southern mountains and desert regions, which retains its culture. It borders Tunisia and Libya to the east; Niger, Mali, and Mauritania to the south; Morocco and Western Sahara to the west; and the Mediterranean Sea to the north. It shelters a total of 919,595 square miles (2,381,751 square kilometers), making it the second largest country in Africa (after Sudan), and the eleventh largest in the world. The original language of Algeria was Berber, which has wide-ranging languages throughout the country. Arabic and Berber are the languages most spoken in habitual life.
The Thriving Economy
Economy of Algeria is generally based on oil and natural gas. Fourteenth-largest reserve of oil is also located here. 22% of the people here are farmers but they only contribute 6% of the country’s economy. The foods produced here are self-consumed in which wheat, barley, corn, and rice as well as fruits and vegetables are also available. 13% of the labor is employed by the government, 16% in construction and public works and 13% in industry and 5% in transportation and communication.
The center of commercial life in Algeria is the marketplace, large, open-air markets where farmers and craftspeople sell their products. One can buy locally produced meat, fruits, vegetables, and grains—oats, barley, grapes, olives, citrus fruit—as well as woven rugs, jewelry, baskets, metalwork, and other crafts. Souks are held regularly.
The largest industry in Algeria is the production and processing of oil and gas. Services (trade, transport, and communications) also are important. Other industries include agriculture, construction, mining, and manufacturing. Algeria’s main exports are oil and gas, followed by dates, tobacco, leather goods, vegetables, and phosphates.
The primary trading partners are Italy, France, Spain, Brazil, the Netherlands, and the United States. Imports include raw materials, food, beverages, and consumer products. However, the government imposes strict regulations on imports in an effort to make the country more self-sufficient.
Plentiful Investment Opportunities
Investment in energy, gas exploration, mining, tourism and agriculture can be done in the country.
Gas Exploration– Algeria is the foremost natural gas producer in Africa and its economy is heavily dependent on revenues made from its hydrocarbon sector. Oil and natural gas export revenues amounted to almost $63.8 billion in 2013.
Mining– Algeria has always been a country that is known for its rich mineral assets and in recent years countless efforts have been made to bring attention to mining. Minerals like iron ore, zinc, lead, mercury, phosphates, copper and calamine have been mined in the industry. Stone excavations have also been producing onyx and red and white marble. Algeria hopes to open new avenues and interest foreign investors in the local mining industry.
Agriculture– About 25% of the population is engaged in agriculture but only 3% of the total land is used. The soil is poor and subject to erosion, and the water supply is generally irregular and insufficient about one-quarter of northern Algeria is completely unproductive. Modern agricultural output growth along with increase in population has made Algeria one of the world’s largest agricultural import markets, imports of food and agricultural products which is about $2.8 billion per year.
Tourism– Tourism is one of the leading sectors to push growth, and active construction of a dynamic structure economically, ethnically, and communally. Tourism is comparatively more important in the most developed economies by capturing the high income, increasing its impact in the generation of the overall national income, increasing employment opportunities, fascinating investments,subsidizing suggestively and Algeria can follow the same.
Incentives for Encouraging Investment Projects:
Algeria is witnessing economic boom. This country is experiencing investment of foreign companies and encourages them to open branches in all parts of the country. A lot of investment projects is going on including restaurants, cars, clothes and many more.
- Most Read
- Most Viewed