Algeria-India: President of CREA Moula Highlights Opportunities for Collaboration Amid Evolving Algerian Business Environment

BY: Dr. Hana Saada

Algiers, Algeria | October 15th, 2024 —  Kamel Moula, President of the Algerian Economic Renewal Council (CREA), underscored the immense potential for Algeria and India to strengthen their economic and trade partnership, driven by Algeria’s improving business climate. Addressing the Algeria-India Economic Forum, held in the presence of Indian President Droupadi Murmu, Moula called for a more focused exploration of investment opportunities between the two nations.

Moula highlighted the already solid bilateral relations between Algeria and India, particularly in strategic sectors such as energy, agriculture, and technology. He emphasized that trade between the two countries has reached USD 1.9 billion, but there remains substantial room for growth. “Our nations have established strong cooperation in vital sectors, and we are now in an excellent position to expand our trade and economic collaboration,” Moula stated.

The forum, marking the first major economic dialogue between Algeria and India, brought together over 300 business leaders from both countries. Moula urged Indian businesses to seize the opportunities in Algeria, particularly as the country’s investment climate becomes increasingly favorable. “The evolution of our investment framework provides significant opportunities, and we invite our Indian partners to collaborate with us in addressing shared economic challenges.”

He also pointed to the broad economic reforms implemented under President Abdelmadjid Tebboune’s leadership, which have transformed Algeria’s business landscape. These reforms include the adoption of a new investment law and a shift towards digitization to streamline bureaucracy, greatly enhancing the investment environment. As a result, the Algerian Investment Promotion Agency (AAPI) has recorded nearly 9,000 new investment projects, reflecting the impact of these changes.

Moula stressed that these reforms have removed significant obstacles that previously hampered business operations and investments, facilitating Algeria’s move towards economic diversification. “Our reform agenda is centered on creating a dynamic, open economy, lifting restrictions, and fostering growth in sectors beyond oil and gas,” he noted.

He further emphasized the importance of restoring investor confidence as a key driver for economic growth, calling on both Algerian and Indian business communities to establish a strong industrial alliance. “Such an alliance would allow us to produce goods for both domestic markets and export, fostering sustainable and inclusive growth for both nations.”

Moula identified several sectors with high potential for bilateral cooperation, including pharmaceuticals, tourism, raw materials, and petrochemicals. He expressed optimism about the future of Algeria-India relations, noting that collaboration between the two business communities holds the promise of unlocking significant economic growth and long-term prosperity for both countries.

The inaugural economic forum marks a pivotal moment in the Algeria-India partnership, offering a vital platform to deepen ties and capitalize on emerging opportunities in both markets.

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