The President of the Republic, Mr. Abdelmadjid Tebboune, affirmed that Algeria was determined to join the ranks of emerging countries with the goal of achieving a Gross Domestic Product (GDP) of 400 billion USD by the end of 2027.
In a speech delivered at the opening of the second edition of the National Meeting with Economic Operators this Sunday, the President stated: "We are beginning the second term with the hope of collectively reaching the ranks of emerging countries," calling for the mobilization of all to "achieve a GDP of 400 billion USD by the end of 2027."
Recalling that "the first term ended with all its hopes and pains due to Covid," the President affirmed that "we must now rely on Algerian youth and their startups, as their hands are clean, and they are accomplishing achievements that inspire pride."
Highlighting the investment dynamic the country has experienced in recent years, the President noted that the Algerian Agency for Investment Promotion (AAIP) had recorded, to date, 13,700 investment projects covering various fields and economic sectors, with a value reaching 6,000 billion DZD.
After commending their efforts, the President called on Algerian operators to "give a strong boost" to the economic sector.
Addressing the reforms undertaken by the State to improve the business climate, simplify investment procedures, and make land available, particularly under the new investment law, the President emphasized that "the State does not speculate on the sale of land intended for investment but contributes to facilitating access to land to promote the realization of projects."
In this regard, he stressed the imperative of freeing up investment initiatives, particularly in the industrial sector, where Algeria has recorded a qualitative leap, estimating that "for development to occur, the share of industry in GDP must be raised to 13-14%."
"We must resolve the Algerian Agency for Investment Promotion’s terrible contradiction: tens of thousands of registered projects in the absence of land for their realization," he insisted.
Discussing the progress made by Algeria in the agricultural sector, with the strengthening of its food security, particularly in strategic crops, the President emphasized the importance of regulating the prices of products like potatoes.
"A President of the Republic should not have to talk about the price of potatoes," he said, stressing the need to "regulate the prices of this product."
He also recalled that "Algeria has achieved 81% self-sufficiency in durum wheat." The country has also managed to save 1.2 billion USD during the current year by reducing imports of this vital commodity, he added, praising the dynamic recorded in investment and production in several agricultural sectors, which has contributed to reducing Algeria’s import bill.
"Before the blessed Hirak, Algeria imported for 60 billion USD. Today, we have structurally and definitively reduced the import bill to 40 billion USD, and we are working to reduce it further," the President stated.
"What hinders the country is speculation and circumvention of the law," he argued, asserting that those who claim to fear prison and hesitate in fulfilling their duties "think like the corrupt and saboteurs."
Regarding the Algerian-European partnership, the President indicated that "European countries, which are Algeria’s partners, have accepted the idea of revising the association agreement; we will not ask them for the impossible." Addressing the operators present, he added: "You are an integral part of this revision."
