Algeria is currently planning to establish a base for economic and investment cooperation with the Kingdom of Saudi Arabia, an Algerian diplomat announced on Saturday.
Saudi-Algerian relations have recently witnessed remarkable development. Change could be felt through the high level of consultation and cooperation between Algiers and Riyadh. Senior officials from both countries had exchanged visits.
Algeria and Saudi Arabia share views on many political and economic files, Algerian Ambassador to the Kingdom Mohamed Ali Boughazi affirmed to Asharq Al-Awsat.
This alignment has allowed the two countries to coordinate in international forums, such as OPEC and OPEC+, added Boughazi.
He pointed to Algeria’s support for the Kingdom to organize Expo 2030.
He also mentioned the Kingdom’s support for Algeria’s candidacy for non-permanent membership of the UN Security Council in 2024 -2025.
“For our part, we will strive to do our utmost to raise the relations of cooperation between our two countries to the highest levels,” affirmed Boughazi.
“The number of agreements signed between the two countries exceeded 30,” added the diplomat.
Boughazi explained that the agreements cover a variety of economic and commercial fields, including the establishment of the mixed investment company and a joint business council.
Moreover, some deals were signed in the field of culture and archives.
“We will seek to raise economic cooperation to the highest levels,” asserted Boughazi.
“Our priority now is to work on intensifying mutual visits between investors and businessmen from both countries,” he added.
The ambassador acknowledged that the volume of trade exchange between the Kingdom and Algeria does not currently reflect the enormous capabilities available to the two countries, nor the aspirations of their leadership.
“A new investment law was issued that gives many advantages and provides many facilities for resident and non-resident investors,” revealed Boughazi, adding that conditions are very favorable for Saudi businessmen to invest in Algeria.
“We will work with the Saudis to overcome difficulties and implement mature investment projects,” said Boughazi.
Besides implementing several economic and investment cooperation agreements, there are several tabled projects, some of which are ready for signing and others are under study, revealed the diplomat.
Boughazi stressed his country’s desire to cooperate with new Saudi initiatives in the fields of green economy, clean energy, environment, and the climate.
He pointed to his country having paid special attention to renewable energies through the establishment of Algeria’s own ministerial department to manage this promising sector.
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