Algerian President Abdelmadjid Tebboune has announced a new economic strategy aimed at boosting the country's industry and controlling imports. During a recent Council of Ministers meeting, Tebboune emphasized the need for a new industrial policy, which will be defined during national meetings to be organized by the Minister of Industry in the coming months. The meetings will bring together experts from the diaspora, economic actors, and international institutions to develop a national industrial policy that meets the aspirations of the new Algeria.
Tebboune has instructed the Minister of Industry and Mines to organize the national meetings, which will focus on creating a new industrial policy. The President has also outlined three urgent measures to be implemented, including addressing the issue of importing vehicles in kits, assuring the situation is rectified and new rules are put in place. This move is part of a broader effort to overhaul the country's industrial sector and promote economic growth.
The Algerian President has emphasized the need to create a genuine industry, primarily consisting of light, small, and medium-sized industries that generate wealth and break away from dependency. Tebboune has also vowed to crack down on lobbies and interest groups that influence public policies, instructing his Minister of Industry to put an end to these practices. He has called for a stable legal system that would encourage investment and provide a clear framework for investors.
Tebboune has highlighted the importance of developing manufacturing industries, such as the transformation of alfa and agro-food industries. He has also stressed the need to support the private sector, encouraging investment through incentive measures. The President has recommended providing immediate support to private investment, with the possibility of granting significant incentives to operators using local raw materials.
The President has also raised the issue of industrial land, ordering the government to conduct an inventory and propose solutions to address the anarchic exploitation of industrial land. He has called for the creation of cooperatives to develop or create new industrial zones, with a clear and precise framework. This move aims to promote the rational use of industrial land and recover unused areas.
Tebboune has emphasized the need for greater control over imports, citing the need to combat importers who engage in over-invoicing, which has resulted in a significant drain on the country's foreign exchange reserves. He has called for strict controls to prevent dramatic situations, such as those caused by heating appliances. The President has also advocated for the criminalization of these practices to deter future occurrences.
The new economic strategy is part of a broader effort to promote economic growth and development in Algeria. The President's proposals aim to create a more favorable business environment, encourage investment, and promote the growth of the private sector. The implementation of these measures will be closely watched by economic actors and investors, who are eager to see tangible results from the government's efforts to revitalize the economy.
Key points
- The Algerian government aims to create a new industrial policy that promotes the growth of the private sector and controls imports.
- President Tebboune has outlined three urgent measures to be implemented, including addressing the issue of importing vehicles in kits and promoting the development of manufacturing industries.
- The President has emphasized the need for a stable legal system that would encourage investment and provide a clear framework for investors.
