Algeria’s National Economy: Signs of Takeoff Begin to Emerge

✏️ BY: Dr. Hana Saada

Algiers- Algeria, May 12, 2024 – President Abdelmadjid Tebboune affirmed his commitment to developing Algeria on solid foundations, stating that signs of economic progress are beginning to emerge.

During his visit to the Ministry of National Defense, President Tebboune emphasized the significant stages and positive results achieved by the national economy, which has become the third-largest in Africa. He expressed ambition to elevate it even further to lead Algeria to greater prosperity.

President Tebboune highlighted the year 2027 as pivotal for the national economy, as all initiated economic reforms will be implemented, making Algeria a formidable country. He reflected on the years of deprivation before 2019 when the economy was on the brink of collapse due to defeatist political discourse advocating external debt.

Thanks to measures like combating disguised imports, bureaucracy, and corruption, as well as restarting frozen investments, the national economy has begun to recover. President Tebboune announced an increase in GDP to nearly $270 billion, a stable growth rate of 4%, and an increase in the value of the dinar.

He pointed out the establishment of the Algerian Investment Promotion Agency (AAPI), which has facilitated over 6,400 new investments, including 3,000 projects launched, and the registration of about 100 foreign investments, creating nearly 200,000 jobs. These figures demonstrate that Algeria has regained its credibility, which is the best response to parties that do not like Algeria.

President Tebboune also highlighted efforts to achieve self-sufficiency in oil and sugar production and to address the cereal production deficit. Additionally, he mentioned the Algerian-Qatari project for milk powder production, a $3.5 billion initiative covering 117,000 hectares.

On social aspects, President Tebboune addressed social problems with tangible measures like creating unemployment benefits and job positions. Regarding the memory dossier, he reiterated Algeria’s commitment not to give up on this matter, emphasizing that Algeria’s diplomatic relations will not come at the expense of history.

Discussing external relations, President Tebboune reaffirmed Algeria’s commitment to peace and its rejection of being a satellite state of any power. He praised Algeria’s good relations with its regional and international environment and reiterated its support for peoples fighting for their freedom. He warned against dangerous geopolitical games and affirmed Algeria’s stance against any encroachment on its sovereignty.

Translated from: https://www.horizons.dz/?p=119125

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