Speaking at a national meeting with economic operators, President Tebboune said that prior to 2019, the national economy was "underdeveloped," characterized by "no interaction between sectors to allow mutual benefit, no manufacturing industry, and an exclusive focus on imports."

He emphasized the positive transformations now driving the economy. "Today, thank God, the difference is stark. We are Africa’s third-largest economy, and we will continue to improve," he said.

President Tebboune noted the international rankings Algeria has earned, which he said "are the envy of others," stressing that Algeria "will continue to eliminate shortcomings and restructure imports in an organized manner."

He affirmed that the national economy is "in a phase of complete transition from a planned economy to a free market economy." "While several countries underwent similar transformations that proved extremely difficult and resulted in economic imbalances, we are working to ensure a smooth transition without disruptions to the economic and social fabric. This is a delicate balancing act," said President Tebboune.

Speaking about the right economic path Algeria has chosen, the President of the Republic stressed the need to "master the numbers so that we can rely solely on ourselves," and reaffirmed his commitment to "not abandon the social role of the State."

"We do not blindly follow the law of supply and demand, even though it prevails in some sectors.

In socially oriented sectors, however, the State must step in, and the present situation requires all of us to pool our efforts to reach this noble goal," he stressed.

"By pooling everyone’s efforts, we will achieve a strong economy by 2027, one that takes the State’s social dimension into account," the President of the Republic added.

"The national economy is growing, and we will keep moving forward on the same path," he assured, adding that "thanks to the solidarity and cohesion of all the country’s vital forces, we will finish building a strong economy by the end of 2027."

Citing figures, the President of the Republic said that "imports have fallen by USD40 billion to USD42 billion," which he said shows that "the national economy is now strong."

"We are not stopping citizens from importing, but we import only what we need. That is the goal we are aiming for," he said.

Noting that Algeria has "stopped importing gasoline and jet fuel in recent years," he said the country "will stop importing diesel for good once the new Hassi Messaoud refinery is put into service."

In this regard, President Tebboune also said that "our country now produces 84% of its medicine needs, including complex drugs for diabetes and cancer patients."

On industry, he underlined that "its contribution to gross domestic product (GDP) has risen by 10%, adding that citizens "now see new factories opening every week."

The President of the Republic also cited "agriculture’s 15% share of GDP, along with investments in cooking oil and sugar production and the goal of cereal self-sufficiency by the end of 2027."

These, he said, are all signs of "the growth of the national economy and, as a result, of lower imports."

As regards the car industry, the President said that "if things go as we planned with the Germans and the Italians, we will have an Algerian car by the end of 2028, with an Algerian gearbox and Algerian tires, not just tire inflation." "It is a challenge we will rise to," he promised.

He said this progress "reflects the efforts made to develop the economy and reduce dependence on hydrocarbons," and welcomed the "major steps taken on investment since the legal framework was revised," citing "13,000 genuine investment projects."

On this point, he called the National One-Stop Shop for Investment, "a body that attracts domestic and foreign investment and holds all the powers relating to investment," a "pioneering initiative."

He said the system "will begin operating on January 1, when the 2027 Finance Act takes effect."

This achievement, he said, "demonstrates a clear determination to keep making investment easier."

The President of the Republic stressed "the need for a collective effort to increase non-hydrocarbon exports, because it is a two-way street: the State helps the investor, who in turn helps the State."

"The figures are clear, and everything is clear: this is reality, not political analysis," the President said, noting that "imports have fallen and exports have risen."

"We will finish the building in 2027, which will be a pivotal year for the economic growth the country is seeing," he added.

Addressing the recent "fluctuations" in the prices of some goods, particularly fruit and vegetables, the President of the Republic called to "put an end to greed" and to "think of the middle class and the most vulnerable groups."

He reminded that "keeping track of production is everyone’s responsibility."

He also urged faster action to set up an economic body that would regulate supply by releasing stored stock and buying up surplus output from farmers and other producers.

The President of the Republic again reaffirmed that business leaders and economic operators as "full partners," saying that "the country’s future is built through the efforts of all its children, each at their own level."

He concluded his speech by stressing the significance of what has been achieved and the concrete, tangible state of the economy, which he said is backed by reliable figures and precise indicators, tasking, in this respect, the Finance Minister with contacting the World Bank and the International Monetary Fund to review the relevant data.

President Tebboune

National economy steadily moving toward very promising prospects