Algeria's Minister of Knowledge Economy and Small and Medium Enterprises, Professor Nourredine Wahadi, has highlighted the crucial role of innovation and scientific research in building a sustainable national economy. According to Wahadi, a sustainable economy requires a comprehensive system that respects the environment, promotes social responsibility, and upholds good governance within Algerian institutions. He made these remarks during the first edition of the "Excellence Summit in Environment, Society, and Governance," which focused on discussing environmental, social, and governance aspects in Algerian institutions and the national economy.
Wahadi stressed that innovation is the link between environment, social responsibility, and governance, enabling institutions to achieve sustainability, respect the environment, enhance their social impact, and improve management practices. He emphasized that institutions must adopt innovation not just as a slogan but as part of their operations by investing in scientific research, technology, and knowledge, and aligning these with the needs of the economy and society. The Minister also highlighted the importance of good governance in institutional management, as it sets the rules for better performance on environmental and social levels.
The Minister discussed the relationship between environmental, social, and governance (ESG) criteria and financing, calling for the development of new financing mechanisms that consider the environmental and social impact of projects, alongside economic profitability. He emphasized the need to encourage financing bodies to allocate mechanisms and funds dedicated to projects that achieve an environmental or social impact, in addition to supporting innovation, scientific research, and financing projects led by young people, engineers, students, and university graduates.
Wahadi noted that Algeria's legislator has established a set of incentive and tax mechanisms to encourage scientific research and innovation, and to involve young people, innovators, and small and medium enterprises in the national economic dynamic. He believes that expanding the participation of these groups in economic activity is a key driver for building a sustainable economy that meets international standards, especially in light of the transformations imposed by technology, knowledge, and innovation on modern institutions and economies.
The European Union Ambassador to Algeria also expressed the EU's desire to strengthen economic integration with Algeria, highlighting the importance of cooperation in areas such as innovation, scientific research, and entrepreneurship. The Ambassador emphasized that the EU is committed to supporting Algeria's efforts to build a sustainable economy and to promoting economic diversification.
Wahadi concluded that transforming the traditional financing system to one that considers impact, sustainability, and innovation will provide new opportunities for national economic growth and encourage entrepreneurs to turn their ideas and innovations into solutions and institutions that contribute to wealth creation. He also stressed the importance of creating greater interaction between emerging institutions and economic institutions to convert ideas and innovations into high-value-added projects.
The Minister's emphasis on innovation and sustainability reflects the Algerian government's commitment to building a modern economy that is competitive, diversified, and environmentally friendly. The government's efforts to promote entrepreneurship, innovation, and small and medium enterprises are seen as key drivers for economic growth and job creation in Algeria.
Key points
- Algeria's Minister of Knowledge Economy and Small and Medium Enterprises emphasizes the importance of innovation and scientific research in building a sustainable national economy.
- The Algerian government has established mechanisms to encourage innovation, entrepreneurship, and small and medium enterprises, including incentive and tax mechanisms.
- The European Union has expressed its desire to strengthen economic integration with Algeria, particularly in areas such as innovation, scientific research, and entrepreneurship.
