ALGERIA

India-Algeria Economic and Commercial Relations

Algeria, a member of OPEC has become an important economic partner in recent years. With 32 million population and GDP of $56 billion, Algeria is the fourth largest economy in the Arab world. Hydrocarbons constitute 96% of its exports. The rise in oil prices has contributed to an augmentation of its foreign exchange reserves to more than $ 33 billion. Its annual imports are to the tune of $12 billion. The gradual but perceptible improvement in the internal situation in Algeria and the revival of growth has helped in building up international confidence in the Algerian economy. Presently, Algeria is in the process of liberalisation of its economy to create a pro-investment atmosphere.