In a notable meeting on entrepreneurship in Algiers this Thursday, November 16, Algerian President Abdelmadjid Tebboune communicated a series of encouraging messages to the nation’s business leaders. This interaction is perceived as a key factor behind the recent governmental shift, notably the replacement of Aïmene Benabderrahmane with Nadir Larbaoui as Prime Minister , Algerian Economic Renewal.
Addressing the country’s economic situation, President Tebboune reflected on the controversial “committee of five” ministers, known for imposing adjustments on businessmen. This issue, highlighted by Saïda Neghza, had sparked significant controversy. Tebboune’s presence at the Alger International Conference Center for the closing of a three-day seminar by the Council of Algerian Economic Renewal (Crea) was crucial. The event, aligned with the Global Entrepreneurship Week, focused on “Entrepreneurship at the Heart of Algerian Economic Renewal.”
The new Prime Minister Nadir Larbaoui also attended. President Tebboune emphasized the need to move away from past practices that hindered national economic growth, despite Algeria’s substantial potential and strategic geopolitical position.
Tebboune, recalling his efforts to disentangle politics from illicit finance during his brief tenure as Prime Minister in 2017, reaffirmed his commitment to breaking with these destructive practices. He lamented how national resources were used to bolster other countries, praising the Hirak movement for preventing Algeria’s total collapse.
Addressing economic operators, Tebboune assured them of their correct path, acknowledging the need for alternative methods to recover state funds, moving away from the punitive actions of the “committee of 5 ministers.” The existence of this committee, criticized by the CGEA President Saïda Neghza, led to its suspension following discussions with the President.
Despite directives to facilitate investment, Tebboune acknowledged ongoing bureaucratic hurdles, advocating for swift and effective law enforcement. He highlighted the resolution of the industrial land issue within 24 hours as a positive example.
Tebboune’s government has made significant strides in removing bureaucratic obstacles, leading to the creation of 22,000 direct jobs through 900 national projects. He commended the progress made over four years, signaling a shift towards a knowledge-based economy reliant on startups, SMEs, and the private sector. Despite the private sector constituting 85% of the economy, it remains largely dependent on state financing.
Tebboune urged private sector self-financing, including investing in the banking sector, and announced the upcoming opening of 30% of the capital of two or three public banks by the end of 2024.
Algerian Economic Renewal ,For more details on Algeria’s economic developments and President Tebboune’s initiatives, visit dzwatch.net.
