ALGIERS – Thursday, 23 November 2023 (APS) – Minister of Trade and Exports Promotion Tayeb Zitouni called Thursday, in Riyadh, for the promotion of trading between Algeria and Saudi Arabia, up to the two countries’ great economic potentialities.
In his speech during the Algerian-Saudi Business Forum, Zitouni stressed the necessity of “strengthening the cooperation relations, through the development of bilateral commercial relations which remain below the two countries’ potential, in addition to the expansion of the areas of investment , especially as the Saudi investors are reliable partners who master the modern technologies used in various fields.
Saudi Arabi is Algeria’s second Arab partner, with an overall trading volume of USD407.07 million during the first half of 2023, including USD25.69 million of Algerian exports against USD381.38 of imports during the same period.
The trading volume with Saudi Arabia varied, in the past four years, between USD622.02 million as a minimum threshold recorded in 2020 and USD946.89 million as a maximum threshold in 2022.
“Despite the deficit reflected by these figures, we remain optimistic about the prosperous future of the two countries, based on the win-win principle, in several investment sectors possessing promising assets and prospects, notably mines, agriculture, manufacturing and food-processing industries, commercial surfaces and tourism complexes,” added the minister.
In this respect, Zitouni underlined the series of economic reforms initiated by Algeria, under the leadership of the President of the Republic Abdelmadjid Tebboune, reflected in several structuring projects, in addition to the readjustment of the legal arsenal to the global economic changes, in order to create an attractive business climate to foreign investments.