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Algiers-Riyadh Economic Development: Everything Possible

Algeria is keen to strengthen its economic ties with Saudi Arabia, Algerian Ambassador to the Kingdom Mohamed Ali Boughazi told Asharq Al-Awsat.

“We will do our best to strengthen cooperation between our two countries as much as possible,” Boughazi said.

The senior diplomat told the newspaper that the two countries share similar views on many political and economic issues. According to him, this was apparent from the coordination between them in international forums, such as the Organization of the Petroleum Exporting Countries and OPEC.

The ambassador also expressed his country’s support for the Kingdom’s bid to host Expo 2030. “There are more than 30 agreements signed between the two countries,” he said.

According to him, the agreements cover several economic sectors and include the creation of an investment company and a joint works council.

“We seek to strengthen economic cooperation to the maximum.”

“Our priority today is to work to intensify mutual visits between investors and businessmen of the two countries,” he added.

The diplomat also said that the current volume of trade between the two countries does not reflect the true potential.

“A new investment law has been enacted. It offers advantages and many facilities to resident and non-resident investors,” revealed Boughazi, adding that the conditions are very favorable for Saudi businessmen to invest in Algeria. “We are working with the Saudis to overcome the difficulties and put in place mature investment projects.”
Boughazi stressed his country’s willingness to cooperate with new Saudi initiatives in the fields of green economy and green energy.

This article is originally published on arabnews.fr

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