Trade, investment and tourism ties between Algeria and Saudi Arabia are set to deepen after eight agreements were signed by the two nations at a business forum.
The event, organized by the Union of Saudi Chambers and held in Riyadh, saw companies from the Kingdom and the African country ink deals across a range of sectors, including business accelerators, elevators and spare parts.
Algeria’s Minister of Trade and Export Promotion Tayeb Zitouni told the forum changes to his country’s investment law are set to drive up the value of commerce between the two countries from an estimated $837 million, according to the Saudi Press Agency.
Badr bin Sulaiman Al-Raziza, vice president of the Federation of Saudi Chambers, used his address to the event to say the establishment of the Saudi-Algerian Supreme Coordination Council and the formation of the Saudi-Algerian Committee and the Joint Business Council represents a “qualitative leap” in economic relations between the countries, SPA reported.
He added that the number of Algerian investment licenses issued by the Kingdom is now 18, with the first awarded in 2010.
The head of the Algerian Economic Renewal Council, Kamal Mawla, said that the incentives for investment in Algeria are the workforce, the low cost of energy, advanced infrastructure, and tax facilities.
In turn, the head of the Saudi-Algerian Business Council, Raed Al-Mazrou, stated that business owners in the Kingdom have industrial, tourism, agricultural and service projects that suit Algeria, and that the entry of Saudi investors into the Algerian market will provide new and great experiences and expertise.
Ezzedine Adoul, head of the Algerian-Saudi Business Council, pointed out that the enormous economic potential and opportunities available to the Kingdom and Algeria are a supportive factor for partnership and bilateral trade.
He flagged up his country’s reforms to establish a diversified economic model fortified by a legislative and legal framework that stimulates investment.
Source: Arab News