Trade, investment top Saudi-Algerian forum agenda - Kogonuso

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Dec 3, 2018

Trade, investment top Saudi-Algerian forum agenda

JEDDAH: The Council of Saudi Chambers (CSC) and the Algerian Chamber of Commerce and Industry (CACI) held a joint business forum on Monday in Algiers to discuss ways to strengthen economic relations between the two countries.
The forum came on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Algeria.
The forum was attended by Youcef Yousfi, Algerian minister of energy and mines, Majid Al-Qassabi, Saudi minister of commerce and investment, Sami Al-Obaidi, CSC chairman, and Mohammed Al-Eid, head of CACI.
During the forum, four joint projects in the chemicals-manufacturing, metal-processing, pharmaceutical and paper-production domains were inaugurated, in addition to the launch of a joint project for the consumer sector.
Yousfi hailed strong Saudi-Algerian relations and said that the forum would further enhance cooperation in trade and investment.
He also called on Saudi and Algerian businessmen to establish development projects that serve both countries and emphasized the importance of bolstering bilateral ties.
Al-Qassabi said the bid to increase trade would be reflected in the national economies, and called on businessmen to use the current investment climate in both countries to up their game.
Al-Eid, meanwhile, said the forum is reflective of resolve and mutual trust, and called for diversifying income and trade channels. He also urged Saudi businessmen to invest in Algeria.
Al-Obaidi said that both sides aspire to hold more of these forums in an attempt to overcome any current obstacles.
Economic relations “are a constant work in progress,” he said. “Trade between the two countries has risen from $116 million to $527 million within 10 years. We look forward to further bolstering development thanks to the recent economic reforms undertaken by Algeria, which is a gateway for Saudi products entering into African and European markets.”
Businessmen attending the forum also held one-on-one meetings to explore potential joint opportunities.

Media ties
Saudi Minister of Media Dr. Awwad Al-Awwad called on the Saudi and Algerian media to help develop bilateral ties between the two countries.
During a meeting with Algerian media personalities, the minister said the Saudi crown prince’s visit to Algeria would usher in a new phase of bilateral ties at all levels.
He also stressed the need to increase exchange programs and coordination between the two sides to serve common interests and to overcome challenges facing the two countries.
The minister also invited editors-in-chief of different Algerian news outlets and other media personalities to visit Riyadh.
Algerian journalists affirmed the importance of relations binding Saudi Arabia and Algeria.
Lauding the crown prince’s visit to their country, they called it an opportunity to expand and enhance relations in various fields.
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