JEDDAH: 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, the Saudi Press Agency reported.
This comes as Saudi Arabia and Algeria maintain long-standing economic and diplomatic ties, anchored by their membership in the Arab League and OPEC. Trade between the two has steadily grown, with Saudi Arabia becoming a key supplier of industrial goods, petrochemicals, and plastics to Algeria.
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.
He noted the investment opportunities offered by the Algerian market, the long-standing Saudi experience spanning more than five decades, and the openness of the Saudi market to initiatives by Algerian investors, in order to advance and enhance cooperation between the two countries.
Kamel Moula, president of the Algerian Council for Economic Renewal, said the forum offers a valuable platform to establish successful ventures and exchange expertise, contributing to sustainable growth in both countries.
He pointed to promising opportunities in sectors such as food manufacturing, iron and steel, tourism and entertainment, and information and communication technology.
