Algeria, Saudi Arabia want to strengthen investments, trade

December 4th, 2018

fcaaed1cd89065c74852295599f5abb3_M

APS : Monday, 03 December 2018

ALGIERS- Minister of Industry and Mining Youcef Yousfi and Saudi Minister of Commerce and Investment Majid ben Abdullah Al Qasabi affirmed Monday, in Algiers, that Algeria and Saudi Arabia hope to
strengthen partnership in profitable investment and trade.
Speaking at the opening of the 12th Algerian-Saudi business Council, held on the sidelines of the visit of the Saudi Crown Prince Mohammed Bin Salmane to Algeria, Yousfi said that the Council constitutes an opportunity to strengthen partnership between the Algerian operators and their Saudi counterparts.
“The important number of the existing Algerian and Saudi companies reflects the importance of the economic cooperation between the two countries and their willingness to promote trade and investments to move towards African and European markets,” said the minister.
He pointed out that “the volume of investments hasn’t yet reached the level of the two countries’ aspirations, as Algeria has 700 partnership projects, amounting to DZD1,500 billion, as part of partnerships with foreigners.”
According to Yousfi, Algeria which is an “industrial basis” for exportation to African markets, hopes to increase the investment volume with several countries.
“Algeria tends, for years, to create a climate favorable to foreign investments on which the Government counts to build a diversified economy notably in the sectors of industry, agriculture and tourism,” he said.
The government initiated, added the minister, several economic reforms in order to attract investments likely to promote the national economy’s competitiveness, including the updating of laws relating to small and medium sized companies and the law on investment which grants big advantages to investors.
The minister expressed full willingness to develop various partnerships with Saudi Arabia in the fields of mining, chemistry and manufacturing industries.
He called on the economic operators to examine with their Saudi counterparts the offered partnership and cooperation potentialities.
For his part, the Saudi minister affirmed that the meeting held this morning with Ministers Said Djellab and Youcef Yousfi was “characterized by openness” and allowed emphasizing Algeria’s important means.
Al Qassabi said that the investments between the two countries haven’t reached the aspirations of their leaders, President of the Republic Abdelaziz Bouteflika and Saudi Crown Prince Mohammed Bin Salmane, as well as their peoples.