Algeria and Saudi Arabia Strengthen Trade Ties with 8 Deals
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 organized by the Union of Saudi Chambers in Riyadh.
The agreements cover various sectors, including business accelerators, elevators, and spare parts.
Algeria’s Minister of Trade and Export Promotion, Tayeb Zitouni, highlighted that changes to Algeria’s investment law are expected to increase the value of commerce between the two countries from an estimated $837 million.
The establishment of the Saudi-Algerian Supreme Coordination Council, the Saudi-Algerian Committee, and the Joint Business Council represents a significant step forward in economic relations between the two nations, according to Badr bin Sulaiman Al-Raziza, Vice President of the Federation of Saudi Chambers.
Algerian investment licenses issued by Saudi Arabia have reached a total of 18, with the first one awarded in 2010.
Kamal Mawla, the head of the Algerian Economic Renewal Council, emphasized that Algeria offers incentives for investment such as a skilled workforce, low energy costs, advanced infrastructure, and tax facilities.
Raed Al-Mazrou, the head of the Saudi-Algerian Business Council, stated that Saudi business owners have projects in industries such as tourism, agriculture, and services that are suitable for Algeria. He believes that Saudi investors entering the Algerian market will bring new experiences and expertise.
Ezzedine Adoul, the head of the Algerian-Saudi Business Council, highlighted the enormous economic potential and opportunities available in both countries, emphasizing the importance of partnership and bilateral trade.
He also mentioned Algeria’s reforms aimed at establishing a diversified economic model supported by a legislative and legal framework that encourages investment.