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Saudi-Algerian Business Forum Underscores Significance of Re-activating Trade Exchange, Investment

Algiers, Council of Saudi Chambers, in collaboration with the Algerian Chamber of Commerce and Industry, organized a joint business forum here today, in the framework of the current visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense of the Kingdom of Saudi Arabia, to Algeria, to discuss mutual cooperation and ways to develop bilateral relations.

It was attended by the Algerian Minister of Industry and Mines Yousuf Yousfi and the Saudi Minister of Trade and Investment Dr. Majid bin Abdullah Al Qassabi, Chairman of the Council of Saudi Chambers Dr. Sami Al-Obaidi and Chairman of the Algerian Chamber of Commerce and Industry Eid bin Omar.

Algerian minister praised the distinct Saudi-Algerian relations which are witnessing continuous development, stressing that the forum will give strong impetus to trade and investment cooperation, in all fields and a true picture of the partnership between the two sides.

He called on Saudi and Algerian businessmen to work together to establish development projects that best serve the economy of the two countries, too.

For his part, the Saudi minister expressed hope for further economic cooperation with the brothers, in Algeria, in order to increase bilateral volume of trade exchange, pushing it into advanced levels to satisfy the aspirations and common anticipations, urging Saudi and Algerian businessmen to benefit from the attractive investment environments, in both countries.

While Algeria enjoys many economic and investment advantages, the Kingdom Vision 203, has the most important strategic objectives to raise the proportion of Saudi exports and boost foreign direct investment, in the Kingdom, on the other hand.

The forum's sessions pointed out that the volume of bilateral trade exchange has been raised, during the previous decade 2008-17, from $116 million to $527 million, however, the two sides aspire to further development of relations, under the economic reforms undertaken by Algeria, in recent years, and its position as a gateway to Saudi products for African and European markets, as well.

The meetings have witnessed launching of four joint projects, in the fields of the non-organic chemicals, metal processing, pharmaceutical industries and production of sanitary paper, in addition to signing of a juice bottling projects.

Hooding bilateral meetings between Saudi and Algerian businessmen to discuss ways to enhance investment cooperation and work to establish strategic partnerships, under appropriate conditions, in both countries, were concluded, during the forums' sessions, too.

Source: Saudi Press Agency

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