Algeria-India: CACI, CII seal MoU

July 9th, 2018

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APS : Sunday, 08 July 2018

ALGIERS-The Algerian Chamber of Commerce and Industry (CACI) and the Confederation of Indian Industry (CII) on Sunday sealed a memorandum of understanding (MoU) with a view to boosting economic
partnership between both countries.
“The MoU will help develop cooperation and partnership with this developing country in many strategic areas,” said CACI Representative Maamar Djellal Seraudi during a ceremony held on the sidelines of a business meeting between the two countries.
In this connection, Djellal Seraudi spoke of the areas of agriculture, pharmaceutical industry, ICTs and aeronautics.
Trade exchanges between Algeria and India are relatively low with US$1.8 billion in 2017 and a surplus favourable to the Indian side, recalled the speaker.
According to him, such meetings are an opportunity to boost exchanges and raise them to the level of both sides’ expectations. “We discussed possible export operations of agricultural products to India,” he said.
During this business meeting, Djellal showcased the business environment in Algeria and investment opportunities, stressing the “stable” security situation in the country and its geographical location that opens the doors of the African and European markets to investors.”
Director General of investment promotion at the Ministry of Industry and Mines, Nacer Mohellbi showcased to Indian operators the significant investment opportunities Algeria offers.
He also spoke of partnership projects between Indian companies in the areas of pharmacy, iron and cement.
For his part, Deputy-Chairman of the Business Leaders Forum (FCE) Mehdi Bendimerad said there was a strong complementarity between both economies, hence the need for further partnerships in the fields of renewable energy, in which India is pioneer, in addition agriculture “which is at the heart of the strategy to diversify the Algerian economy and a promising cooperation area.”
For his part, Chairman of the Confederation of Indian Industry (CII), MS Swaminathan, who led the Indian delegation, briefly presented his country’s experience in economic reforms.
“These reforms allowed India to position itself among the world’s leading economies,” said the Indian official.
CCI has 9,000 members from the public and private sectors working in the fields of technology, finance, hydrocarbons, steel and pharmaceuticals.