CREA’s President Kamel Moula, fervent business leader for genuine long-term economic prosperity
By: Hana Saada
ALGIERS- The Algerian Economic Renewal Council (CREA) is very active locally and internationally. It maintains a solid local, regional and international presence with a view to building fruitful partnerships, hence, installing genuine long-term economic stability and prosperity.
Based on President of the Republic, Mr. Abdelmadjid Tebboune’s vision to focus on economic issues, making his tenure an economic era par excellence, New Algeria has embarked on a very ambitious reform program of its legal framework to boost all-around investments with the aim of achieving economic recovery. To this end, the Algerian authorities have removed most of the restrictions curtailing foreign investment, namely; the state’s pre-emption right on the transfer of shares by or to foreign shareholders, the prohibition on investors to finance their projects in Algeria with facilities from foreign lenders, and the famous ‘49/51 rule’ pursuant to which the capital of Algerian companies must be at least 51% owned by Algerian resident persons or entities, thus, limiting foreign investors’ stake to 49% (the 49/51 rule). Previously, this latter had to be applicable to all industries. However, the new law provided that the 49/51 rule shall be applied only to purchase and resale activities and to sectors considered as strategic.
Algeria is deploying significant efforts to create an environment conducive to the transition from a rentier economy to an economy with diversified incomes without dependence on oil and price volatility on international markets.
Welcoming the diversification of the economy, lifting the dependence on hydrocarbon export, and the emergence of start-ups, the council’s President Kamel Moula exerts huge efforts to crown these measures with success with the aim of establishing sustainable development and a healthy business climate, being a gate to prosperity and sustainable growth. Mr. Moula believes that the new incentives and the updating of the legal framework for investments offer promising prospects in Algeria, resulting in a booming investment climate.
Elected last February at the head of the council which brings under one roof 70 founding members, representing public and private companies, start-ups and entrepreneurs, Mr. Moula, a prominent businessman, vowed to combine efforts and energies, under the “economic patriotism”, for the development of the national economy.
Prior to that, Kamel Moula was elected to lead the Club of Entrepreneurs and Industrialists of Mitidja (CEIMI) for two consecutive terms from 2014 to 2021, as he worked to improve the investment climate and its stability, encourage and support investors and restore their confidence, which has enabled it to achieve a qualitative leap by contributing to the construction of an industrial fabric in the Mitidja region.
The ambitious young businessman is also the General Manager of Venus Laboratories, which is the most famous and oldest private company specializing in the field of cosmetics.
The prominent businessman conducts intense economic diplomacy to build a solid national economy in accordance with the Algerian State’s policy on foreign trade, cooperation and partnership, especially with the regional environment of which Algeria is a pivotal pole. Aware of Algeria’s leading political, economic and cultural role, Mr. Moula has taken upon the responsibility of implementing President Tebboune’s guidance in this regard with all possible means with the aim to serve the interests of the country and realize the aspirations of the state to make 2022, the year of the economic take-off in a vision oriented according to the position of strategic Algeria in the new global geo-economic context.
Thanks to his sense and rich experience in economic diplomacy, CREA’s President is able to seize opportunities for investments and economic cooperation. During his working visit to Paris, Mr. Moula held fruitful visits with many heads of French companies, culminating in the signing, on December 18th, 2022, of a partnership protocol with the French Business Movement (MEDEF) or (the Mouvement des entreprises de France) for the establishment of a win-win partnerships of co-location and co-production.
On the sidelines of the Algerian products fair in Nouakchott (Mauritania) held last January, a cooperation agreement was inked between the Algerian Economic Renewal Council (CREA) and the Mauritanian National Union of Employers (UNPM). The agreement was signed by the president of the Council, Kamel Moula, and the president of the National Union of Mauritanian Employers, Zeine El Abidine Ould Cheikh Ahmed.
Shortly after, an agreement was inked between the Council and the General Confederation of Italian Industry (CONFINDUSTRIA), with the aim to fostering co-location partnerships for a real economic integration. This partnership protocol was signed during a ceremony chaired by the President of the Republic Mr. Abdelmadjid Tebboune and the President of the Italian Council of Ministers, Mrs. Georgia Meloni, who was on a working and friendship visit to Algeria. It comes as a consecration of the recommendations emanating from Mr. Moula’s meetings with the Italian Vice-Minister of Economic Development in charge of business, Mr. Valentino Valentini, the former President of the Italian Council of Ministers, Massimo D’Alema, currently President of Ernst & Young and of the Europei Italiani Foundation as well as the Vice-President in charge of international relations of the Italian employers’ organization (Confindustria), held last November in Italy.
In February, the CREA’s President, at the head of a large delegation of Algerian economic operators, was received by the President of the Republic, Head of State, of Niger, Mohamed Bazoum. Kamel Moula seized the opportunity to reiterate the commitment of his organization to bring its experience and know-how to strengthen economic cooperation between both countries.
Locally, the Council inked a cooperation agreement with the Algerian Investment Promotion Agency (AAPI) with the aim to ensure real support for national and international economic operators.
Following the active and leading role played by the Council, headquartered in Algiers, a new Regional Office will be inaugurated, on February 18, 2023, in Oran province by the President Moula in the presence of the local authorities and business leaders in the region.
Mr. Moula, noteworthy, was decorated on December 4, 2021, by the President of the Republic, Mr. Abdelmadjid Tebboune with the highest distinction, namely; the Order of National Merit.
