CREA’s Commitment to Economic Advancement: President Tebboune’s Endorsement and National Progress
BY: Dr. Hana Saada
ALGIERS- In a significant demonstration of support for organizations dedicated to driving economic growth and fostering a favorable investment climate, President Abdelmadjid Tebboune received a delegation from the Council for Algerian Economic Renewal (CREA) yesterday. The meeting, held just 24 hours after the establishment of the National High Commission for Investment Appeals, underscores the Algerian government’s steadfast commitment to improving the business environment and encouraging investors.
From the outset, the president addressed the CREA, congratulating it for its role in building the national economy and reaffirming his support in a context where it continues to face attacks from remnants of the “old regime.” According to the presidential statement, the President of the Republic “congratulated this important organization for its role in building the national economy, which has earned it the full confidence of Mr. President, as well as the respect of foreign partners.”
He also praised, the statement adds, “its success in contributing to the stability of the domestic market, as well as that of all economic actors.” It is worth noting that during this month of Ramadan alone, the CREA launched a significant initiative aimed at reducing prices of products in the market and ensuring their availability in large quantities. An initiative that, as Kamel Moula stated at the end of the meeting, received great support from national private operators and, it should be emphasized, addresses one of the President of the Republic’s key priorities, namely preserving the purchasing power of Algerians.
The President’s tribute to the CREA extended beyond mere commendation, as he reaffirmed his unwavering support for the organization and its members. He lauded the CREA as a citadel of integrity, encouraging its members and all economic operators to forge ahead in the development of the national economy despite attempts by detractors to tarnish its reputation.
The presidential statement further asserts that President Tebboune “affirmed that the Algerian Economic Renewal Council is a civic organization comprised of nationalist and honest members, whom he encouraged, and through them, all economic operators, to move forward in the development of the national economy despite attempts to tarnish its reputation by remnants of the dying regime.”
This message not only underscores presidential support for the CREA but also extends to private sector operators poised to invest in national development transparently and ethically. It serves as a pointed rebuke to detractors, identified as remnants of the past regime attempting to hinder the progress of the “New Algeria.” Indeed, the New Algeria is bearing fruit, as evidenced by the figures revealed during this audience granted by Tebboune to the CREA delegation.
The President’s message is clear: the era of opaque practices and exploitation of public resources is over, replaced by a commitment to transparency, integrity, and progress.
The President’s audience with the CREA yielded promising statistics, demonstrating tangible progress in economic development. According to presidential figures, investment projects between November 2022 and February 2024 totaled 6,103, with a value of 3,068 billion DA, resulting in the creation of 150,000 direct jobs. Foreign direct investment reached 38 billion DA, while investment partnership projects amounted to 844 billion DA.
These figures attest to the marked improvement in the business climate and the established attractiveness of Algeria as an investment destination. They underscore the efficacy of collaborative efforts between civic organizations like the CREA and the government in advancing national interests and fostering economic growth.
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