The Saudi-Algerian Business Summit Witnesses Signing of 8 Investment Agreements

During the Saudi-Algerian Business Forum, eight trade and investment agreements were signed between the Saudi Chambers of Commerce, the Algerian Economic Renewal Council, as well as Saudi and Algerian companies spanning sectors such as commerce, investment, information technology, business incubators, accelerators, tourism services, elevators, and spare parts. The aim was to bolster economic relations between the two nations.

The Algerian Minister of Trade and Export Promotion, Taïeb Zitouni, highlighted the significance of Algeria’s new investment law, seen as a crucial step in eliminating previous hurdles faced by investors. He emphasized that the current trade volume doesn’t entirely reflect the economic potentials and opportunities between both countries.

Badr bin Suleiman Al-Ruzzaiza, the Vice President of the Saudi Chambers of Commerce, elucidated that establishing the Saudi-Algerian High Coordination Council, along with the Saudi-Algerian Committee and Joint Business Council, represents a pivotal move towards enhancing economic relations, promoting trade cooperation, and fostering investments between the two nations.

Kamel Moula, the President of the Algerian Economic Renewal Council, underscored investment incentives in Algeria, including a skilled workforce, low energy costs, advanced infrastructure, and tax facilitations, making the country an attractive investment destination.

Ezzedine Adoul, the President of the Saudi-Algerian Business Council, emphasized the substantial economic foundations of both nations and the available opportunities as a robust basis for enhancing bilateral partnerships and trade.

Undoubtedly, this prominent economic assembly between Saudi Arabia and Algeria manifests their clear intent to strengthen bilateral relations, develop mutual investment and trade opportunities, representing a positive step toward fortifying economic ties and achieving shared prosperity.