Algerian and Qatari businessmen stressed the need to strengthen partnerships between Algerian and Qatari companies, especially in strategic areas, and to boost the volume of trade.
This was raised during the second meeting of the Algerian-Qatari Business Council held recently in Algiers in the presence of the President of the Qatar Businessmen’s Association (QBA), HE Sheikh Faisal bin Qassim al- Thani, President of the Algerian-Qatari Business Council Kamal Mulla, Algerian Chamber of Commerce and Industry President Tayeb Shabab, and Qatari Ambassador to Algeria Abdulaziz Ali al-Nama.
The meeting, which aims to develop trade and economic relations and discuss ways to boost Qatari investment in Algeria in various economic sectors, was also attended by QBA member Sheikh Mohamed bin Faisal al-Thani, Mohamed Moataz al -Khayat and Sheikh Nayef bin Eid. al-Thani, a member of the Qatari Hotels Association, as well as a number of Algerian businessmen.
In his speech, Mulla spoke about government reforms, particularly in the economic and financial sectors, aimed at creating a stable business climate and encouraging local and foreign investment.
“Following a meeting of our two governments, the two parties discussed the real and different opportunities that the two countries offer to strengthen joint cooperation. It is the responsibility of the business council and Qatari and Algerian companies to work together to strengthen partnerships and increase the volume of trade,” Mulla said.
Mulla highlighted the importance of Algeria’s new investment bill, saying it provides the right conditions that guarantee long-term stability for the development of the economy and attract investors.
He also highlighted the need to overcome challenges in food, health and water security, in addition to challenges in the energy sector and the need to use other resources, such as solar energy.
Regarding sectors that could offer investment opportunities, Mulla said that the development of water management is a priority for agriculture in the desert in order to improve irrigation in agricultural cooperatives, especially those. which develop strategic intensive crops, such as cereals, animal feed and corn. He also said that the pharmaceutical industry requires huge investments to meet the needs of local and neighboring African markets.
Furthermore, Sheikh Faisal underlined the distinguished relations between the two countries, expressing his aspiration to develop partnerships with Algerian businessmen in the tourism and agriculture sectors to achieve self-sufficiency in staple crops such as wheat.
“All factors are ready here to strengthen cooperation and we are willing to establish partnerships and all suggestions are welcome,” Sheikh Faisal said.
For his part, Chabab said that the Algerian side is keen to establish real and lasting partnerships with Qatari partners in all fields. He also called on Qatari businessmen to discover investment opportunities in Algeria, especially in strategic areas, such as agriculture, desert agriculture, reconstruction, tourism and solar energy.
Al-Nama said, “The meeting paves the way for more investment in Algeria. Qatari-Algerian relations are moving steadily towards a better future. We look forward to a bright future in all sectors, especially investments.
The QBA delegation also held a meeting with Algerian Trade Minister Kamal Reziq and discussed areas of cooperation in different fields including agriculture, tourism and trade sector.
Reziq noted that the Algerian market is eager to attract investment, citing a shopping mall with international standards. He said, “There are ambitious programs in oil and sugar to achieve local self-sufficiency and also export to the African market.”
Citing Algeria’s new investment law, the minister said he considers it “the best law in the history of Algeria”, which will be published in two months. He said the law will divide FDI into four types of investment and includes several incentives, such as not changing the law in at least 10 years for economic stability and attracting foreign investors. The sectors will include industrial, agricultural, tourism and service investments.
Sheikh Faisal said that Algeria has the necessary infrastructure to invest in all sectors, adding that meetings with the Prime Minister and all officials confirm that the Algerian government places the issue of food security “as an absolute priority”.
He also praised the encouragement the Qatari side has received from Algerian President Abdelmadjid Tebboune, as well as the new investment law. “Businessmen from both countries have a major role in securing the needs of Qatar and Algeria, especially agricultural production and building partnerships with Algerians to reduce imports,” said H.E. Sheikh Faisal.
The Qataro-Algerian Business Council hosted a dinner in honor of the QBA delegation. Discussions continued on small and medium enterprises (SMEs) in health, agriculture, tourism, real estate, solar energy and other productive sectors.