ALGIERS – Monday, 11 December 2023 (APS) – The President of the Republic, Abdelmadjid Tebboune, said on Monday that Algeria has faced many tough and complex challenges, which have been tackled with a strong determination to make up for the difficult socio-economic situations that have accumulated and build an efficient and competitive economy while working to improve social life in response to the aspirations of the Algerian people.
In an address to participants at the International Seminar on “Social Achievements with Economic Stakes”, held at the Abdelatif Rahal International Conference Center (CIC) and delivered by Prime Minister Nadir Larbaoui, President Tebboune noted that Algeria “has launched a large-scale economic reform project aimed at diversifying the national economy, freeing up the spirit of initiative and improving the business and investment climate.”
“These reforms were crowned by a comprehensive overhaul of the legislation on investment as part of an approach based on transparency, the fight against bureaucracy and equality between economic operators, in addition to the adoption of a new model for the granting and management of economic land earmarked for investment,” he said.
President Tebboune also referred to the “revision of the monetary and banking law to adapt it to changes in the banking environment, as part of an overall plan to reform the financial and banking sector, notably by diversifying sources of financing, increasing the density of the banking network, improving financial inclusion, and promoting the governance of financial institutions abroad, particularly on the African market, to support the momentum driving trade on a continental level.”
He also referred to “the implementation of several institutional mechanisms to encourage innovation and entrepreneurship, to enable project bearers to create productive businesses, particularly startups, in addition to the development of a support system for small and very small businesses, especially as these support rural women and housewives in particular.”
The President of the Republic spoke of “the special attention paid to employment policy, through the launch of a vast operation to bring into service hundreds of pending projects, which has led to the creation of tens of thousands of jobs, in addition to the creation of an allowance for first-time jobseekers to ensure that they are supported in their search for a job in conditions that preserve their dignity, in parallel with the acceleration in the rate of integration of beneficiaries of the aid scheme for the professional integration of young people.”
These measures “have helped to improve the performance of the national economy’s main indicators, reduce its dependence on hydrocarbons, open up major opportunities for economic operators and project holders to develop their activities, and contribute to wealth creation and improved development rates,” assured President Tebboune.