Algeria, Libya ink agreement to create Business Council

APS : SUNDAY 30 MAY 2021

ALGIERS-The works of the Algerian-Libyan economic forum on Sunday wrapped up with the signing of an agreement on the creation of an Algerian-Libyan Business Council with a view to strengthening business
ties and increasing investments.
The agreement was signed by Director General of the Algerian Chamber of Commerce and Industry (CACI) Wahiba Bahloul and Chairman of the Libyan General Union of Chambers of Commerce, Industry and Agriculture, Mohamed AbdelKerim Raidh.
In a statement to the press, Bahloul said that “the creation of an Algerian-Libyan Business Council is likely to promote bilateral economic relations, especially in the private sector.”
The Council will be “a permanent mechanism” for monitoring business activities of operators from both countries and will iron out all the obstacles they may face, she said.
It will also address difficulties by raising the concerns of businessmen to the high authorities of both countries.
Speaking on this occasion, Mohamed Raidh said the Council will monitor the business activity between the two countries and facilitate commercial transactions.
Moreover, the council will be a venue for continuous consultation and exchange of expertise between Libya and Algeria. It will also provide mechanisms to strengthen the fruitful cooperation between the two brotherly countries, he said.
Another agreement on strategic investments in milk and derivatives was signed between the “Palma” food and industry Group and the Libyan Group “Al Nasseem” operating in the same field.
CEO of the Constantine-based “Palma” Group Lotfi Souilah told the press this agreement targets the development of the milk industry and the export of Algerian cheese to Libya.
The Libyan operator intends to make significant investments in Algeria on the basis of the win-win principle, he said.

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