BY: Dr. Hana Saada
Algiers, Algeria | October 15th, 2024 — The highly anticipated Algeria-India Economic Forum, held in the capital on Monday, concluded with a significant mutual agreement aimed at fostering profitable and strategic business partnerships between the two nations. This milestone event comes ahead of the upcoming session of the Algeria-India Joint Cooperation Committee, and was attended by Algeria’s Minister of Trade and Export Promotion, Tayeb Zitouni, alongside high-ranking officials and industry leaders from both countries.
In a joint communiqué issued at the close of the forum, it was officially announced that the Algerian Economic Renewal Council (CREA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) had signed a Memorandum of Understanding (MoU). This pivotal agreement sets the stage for bolstered bilateral cooperation, highlighting a clear commitment to unlocking the vast investment potential that exists between Algeria and India. Throughout the discussions, participants examined both countries’ evolving investment climates and explored diverse opportunities to harness the strengths of their respective markets.
The forum coincided with the state visit of Indian President Droupadi Murmu to Algeria, a symbolic gesture underscoring both nations’ dedication to enhancing economic ties. President Murmu met with Algerian President Abdelmadjid Tebboune, further cementing the strategic relationship between the two countries. According to the final statement, the emerging partnership is rooted in a shared vision designed to create optimal conditions for Algerian and Indian business leaders to seize opportunities in sectors of mutual interest.
During the event, President Murmu and Minister Zitouni underscored the strategic significance of the Algeria-India economic relationship, emphasizing the need to enhance and diversify trade volumes. They advocated for an intensified exploration of investment opportunities across key sectors, urging business leaders to collaborate on impactful projects that would benefit both nations.
The forum attracted over 300 business leaders and representatives from a wide array of industries, including energy, mining, petrochemicals, infrastructure, food processing, mechanical engineering, pharmaceuticals, textiles, agriculture, water desalination, and information and communication technologies. Participants seized the opportunity to explore potential collaborations that could propel both nations toward shared prosperity.
A series of bilateral (B2B) meetings facilitated direct dialogue between Algerian and Indian business operators, where both sides expressed strong interest in developing closer cooperation across various sectors. The participants reaffirmed their commitment to deepening mutual trust, enhancing communication through regular exchanges of business delegations, and sustaining active participation in economic events hosted in both Algeria and India.
The successful conclusion of the Algeria-India Economic Forum signals a key turning point in the evolving economic partnership between the two nations. It lays a solid foundation for stronger, more diversified trade relations, as well as promising joint ventures that are poised to drive sustainable growth and shared prosperity in the years to come.
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