A Powerful Consensus Emerges: Tunisia Must Accelerate Reforms to Unlock Economic Potential
A strong consensus has emerged among private sector experts, institutional representatives, and academics: Tunisia must accelerate its reforms to unlock its economic potential. Between advocating for nearly total liberalization of investment, the need for a logistics overhaul, and the urgency of regulatory stability, speakers outlined the contours of a new ambition for the country, emphasizing that persistent blockages are hindering growth that could be much higher.
Discussions Highlight Tension Between Economic Operators and Government Reform Pace
In Tunis, on September 18, 2025, during a panel on the institutional and regulatory framework held as part of the "Tunisia 2.0" event, discussions highlighted a palpable tension between the impatience of economic operators and the pace of government reforms. While all agree on the diagnosis and the country's undeniable assets, opinions diverge on the depth and speed of changes needed to reinvent Tunisia's economic attractiveness.
Calls for Radical Change and Investment Liberalization
Tarak Cherif, President of ANIMA Investment Network, delivered a passionate and uncompromising plea for radical change. Asserting that Tunisia lacks ambition and could aim for growth far superior to the 3.2% target, he denounced the persistence of structural blockages hindering development. For him, the key lies in private investment, the sole driver of growth. His flagship proposal is the total liberalization of investment, except for sectors related to national security and illicit activities, questioning the reasons for the slowness in removing promised authorizations. He also identified logistics as the "best investment" possible for the country, arguing that a failing port and airport infrastructure annihilates any competitiveness of businesses. Citing the example of the United Arab Emirates, he insisted on the urgency of acting after decades of discussions. Finally, he called for the establishment of an Open Skies policy to stimulate tourism and, above all, facilitate visits from the Tunisian diaspora, a fundamental source of foreign exchange for the country.
Analyzing Structural Barriers to Private Investment
Adopting an economist's approach, Moez Soussi, a university professor of economics, analyzed the structural barriers to private investment. He recalled that while human and financial capital remains important, institutional factors and the geopolitical climate have become determinants in investment decisions. He pointed to the negative impact of the restrictive monetary policy of the past decade, citing a study that demonstrates a 100 basis point increase in the benchmark interest rate leads to a 16% decrease in private investment. Another major factor eroding confidence, according to him, is the systematic gap between announced growth rates in finance laws and actual results, which harms predictability for investors. Despite these critical findings, he reaffirmed that Tunisia lacks nothing to succeed, possessing the necessary ingenuity and talents, but urgently needs a better-adapted legislative arsenal to accelerate its growth.
International Perspective and Recommendations
Ghali Mannoubi, Head of the Investment Policy and Reform Unit at TIA, brought an international perspective based on global best practices. The speaker highlighted a global trend favoring investments through joint ventures and mergers and acquisitions rather than Greenfield projects. Facing fierce international competition to attract capital, led by Asia and Africa, he formulated concrete recommendations. He proposed the adoption of a "single authorization" for investors, a concept that has proven itself in Egypt and the United Arab Emirates. The official also advocated for making the incentive policy more targeted, moving from the current 20 priority sectors to more precise niches and future professions, similar to Morocco or Turkey. Finally, he suggested unifying the different zone regimes (free, technological) under a single concept of "special economic zones" for more clarity and efficiency.
Government Response and Future Strategies
In response to these analyses, Mohamed Ben Abid, Director General of Monitoring and Evaluation of Business Climate Reforms, presented the government's approach. He acknowledged a slow pace in implementing reforms, with only 50% of the 185 measures of the 2023-2025 business climate strategy realized. However, he assured that work continues, notably through Decree 417 aimed at removing authorizations, with a third wave in preparation. He justified the complexity of the process by the need to consult about fifty ministries and avoid destabilizing entire sectors, while fighting against the rent economy. Drawing lessons from the past, he announced that the new development strategy will focus on four priority axes: logistics, digitalization (with a single investor platform planned for the first quarter of 2026), access to financing for SMEs, and improvement of the land offer.
Emphasis on Regulatory Stability and Investment
Néjia Gharbi, Director General of the Caisse des Dépôts et Consignations (CDC), insisted on the imperative need for regulatory stability. For her, "too many texts, too many laws" is a bad signal sent to investors. She pleaded for a simple framework based on the principle that "investment is free except for a negative list." She criticized a tendency towards over-regulation, citing laws on public-private partnerships (PPPs) and crowdfunding that, in wanting to control too much, have finally blocked their own growth. She positioned the CDC as a trusted partner and catalyst for long-term investment, seeking not only profitability but also impact. Recalling the country's major assets, such as its ranking in the top 20 worldwide for the quality of its talents and its position as a gateway to Africa, she confirmed that the CDC is actively engaged in financing national priorities, notably logistics infrastructure projects and support for SMEs and young entrepreneurs, by mobilizing funding from major international donors.
