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Saudi - Algerian projects to invest in chemicals and metals Materials and Products

04 Dec 2018| Posted by Morris | In Materials and Products

The joint Saudi-Algerian Business Forum, organized by the Council of Saudi Chambers in collaboration with the Algerian Chamber of Commerce and Industry (ICCC), was held yesterday in Algiers as part of the visit of His Royal Highness Prince Mohammed bin Salman to launch five joint ventures in the fields of the inorganic chemical industry, Pharmaceuticals and health paper production, as well as the signing of a juice bottling project. The Minister of Industry and Mining Yousuf Yousfi, the Minister of Trade and Investment Dr. Majid Al-Qasabi, the President of the Council of Saudi Chambers Dr. Sami Al-Obaidi and the President of the Chamber of Commerce and Industry of Algeria Mohamed Al-Eid Ben Omar. Bilateral meetings were held between Saudi and Algerian business owners to discuss ways to enhance investment cooperation and to seek strategic partnerships under appropriate conditions in both countries. At the start of the forum, Algerian Minister of Industry and Mines Yousuf Yousfi affirmed that the forum will give a strong impetus to trade and investment cooperation in various fields and give a true picture of the partnership between the two sides. He called on Saudi and Algerian business owners to work together to establish development projects that serve the economies of the two countries and support the friendly ties between the two leaderships and peoples. He pointed out the importance of intensifying and diversifying bilateral cooperation and working to raise the volume of commercial exchanges, stressing that the organization of such meetings reflects the shared will to achieve a qualitative leap in economic relations. For his part, Minister of Trade and Investment Dr. Majid Al-Kasabi expressed his hope for further economic cooperation with his brothers in Algeria in order to increase the volume of trade exchange to advanced levels that satisfy common aspirations and aspirations. He urged Saudi and Algerian businessmen to benefit from the attractive investment environment in both countries. Algeria has several economic and investment advantages, while the Kingdom includes Vision 2030, one of its most important strategic objectives being to raise Saudi Arabia's exports Pric foreign direct investments. For his part, President of the Algerian Chamber of Commerce and Industry Mohamed Al-Eid Ben Omar, said that the establishment of this forum confirms the strong will and the qualitative leap in the economic relations and the index of mutual trust between the two countries. For his part, the President of the Council of Saudi Chambers Dr. Sami Al-Obaidi said that the convening of this forum reflects the desire of the two sides to maintain and continue dialogue to achieve more cooperation and strengthen the economic ties between the two countries. He pointed out that the Saudi and Algerian business sectors hope that such meetings will activate trade and investment exchanges between the two countries and overcome the obstacles that prevent them from being elevated to the aspirations of the two leaderships and the two brotherly peoples. The volume of trade between the two countries has increased over the past ten years from $ 116 million in 2008 to $ 527 million in 2017. " In the context of the economic reforms undertaken by Algeria in recent years, and its distinguished position as a gateway to Saudi Arabia's products to the African and European markets. Under the vision of the Kingdom of 2030, one of its strategic objectives is to increase non-oil exports from 16% to 50% And increase the proportion of foreign direct investment in GDP from 3.8% to the global average of 5.7%. The kingdom's direct foreign investment From $ 224 billion.

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