Algeria could become part of the BRICS alliance of emerging economies as soon late 2023, President Abdelmadjid Tebboune has said. The North African country applied to join the group, which comprises Brazil, Russia, India, China and South Africa, in November.
Tebboune made the prediction while talking to national media on Thursday about his government’s plans for economic development. Alegeria will boost investments, improve human development and shift towards a more advanced export structure relying less on hydrocarbons, to qualify for BRICS membership, he said. Algeria is a major producer of natural gas and the biggest exporter of the fuel in the region.
Partnering with BRICS would help Algeria launch ambitious joint infrastructure projects, such as a transnational railroad that would improve the nation’s connection to the Sahel region, Tebboune said.
BRICS was originally “BRIC”, a term coined by economists to describe four nations with the potential to dominate the world economy in the 21st century. The said nations formed a group in the late 2000s and soon welcomed South Africa as a new member, adding “S” to the abbreviation.
Algeria formally applied to join it in November, months after Iran and Argentina did the same during the annual summit of the organization hosted by China in June. President Tebboune was among the guests of the event. Other nations that have shown an interest in becoming part of the club include Saudi Arabia, Türkiye and Egypt.