Saudi Arabia, Algeria deepens economic ties with new business pacts

Saudi Arabia and Algeria signed a series of agreements to boost trade and investment as officials and executives from both countries convened in Algiers for a high-level forum.

 

The Saudi-Algerian Business Forum, held on April 20 in the Algerian capital, featured extensive discussions on enhancing bilateral economic cooperation across sectors including tourism, agriculture, construction, and manufacturing.

 

In a speech at the opening of the forum, Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi described the economic meeting as a key driver for strengthening bilateral relations, highlighting the commitment of both countries’ leaderships to deepening ties across all sectors.

 

He pointed out that “the forum is an opportunity to discuss joint cooperation in light of the positive indicators witnessed by trade exchange between the Kingdom and Algeria, which amounts to nearly $1 billion,” SPA reported. 

 

Al-Busairi highlighted the notable growth of Saudi investments in Algeria, particularly in the pharmaceutical and food industries, “calling on Saudi investors to explore the opportunities available in the Algerian market, in light of the guarantees and benefits provided by the new investment law.” 

 

Al-Busairi expressed his confidence that “the bilateral meetings between Saudi and Algerian businessmen will result in practical initiatives that serve the interests of both countries and enhance the level of cooperation and partnership between them,” the SPA added.

 

The chairman of the Saudi-Algerian Business Council, Raed bin Ahmed Al-Mazrou, emphasized that the time has come to elevate bilateral relations, particularly in the economic sector. 

 

He highlighted the strong support from the leaderships of both countries for this initiative and their commitment to strengthening and advancing it.

 

Source: Arab News