Economics Affairs

Algerian-Saudi business council: 4 partnership projects adopted

APS - 15 February 2017

ALGIERS-The 10th Algerian-Saudi business council, held Tuesday in Algiers, was crowned by the adoption of four partnership projects between both countries' private businesses in the fields of medicine, tourism and exports. These partnership projects will be inked Thursday on the sidelines of the 12th Algerian-Saudi joint committee.

The first agreement focuses on the establishment of a specialized joint-venture in technical maintenance of hotel and tourist facilities between IRIS Company (electronic industry and electric appliance) and the Saudi company Morgan.

As regards the second agreement, it provides for the establishment of a joint-venture in Algeria specialized in the export of fruits and vegetables between Nafaa drinks Company and Saudi company Agat.

In the health area, two memorandums of understanding (MoUs) will be sealed between the Center of medical diagnosis and El Kasbi Company (Saudi Arabia). The first relates to a partnership in medical equipment and the second provides for the management of hospitals through IT solutions.

These agreements will be signed Thursday on the sidelines of the 12th Algerian-Saudi joint committee, announced Vice-chairman of the Algerian Chamber of Trade and Industry (CACI) Riadh Ammour, co-organizer of the Business council with the Council of Saudi trade chambers. ?

Fifty businessmen representing several fields, particularly trade, tourism, services and building took part in this meeting that aims to create "beneficial partnership projects for both countries' companies, and promote investment as part of political ties between the two countries," said Ammour.

Ammour, who underscored the need for lifting hindrances to partnerships between the two sides, the same official emphasized the importance of facilitating entry procedures for businessmen.

For this purpose, Chairman of Business Council (Saudi side) Raed al Mazroue reiterated request to open a direct shipping line between Algeria and Saudi Arabia to facilitate trade between the two countries and lower logistical fees. ?

The economic cooperation level between Algeria and Saudi Arabia is very low, said the Saudi official, stressing the investment volume did not exceed US 2 million despite both countries' major strengths in several fields, notably agriculture, industry, medicine and tourism. ?

The same official expressed Saudi investors' willingness to invest the Algerian market, calling on Algerian investors to invest in Saudi Arabia and contribute to their experience in the diversification of Saudi economy.

For his part, Chairman of the Council (Algerian side) Azzedine Adoul called urged the Saudi party to establish "genuine and efficient" partnerships in Algeria, notably in the field of manufacturing industry, tourism and baking services.

Algeria and Saudi Arabia seek to increase the volume of their exchanges and investments to nearly US 15 billion over the next ten years.?