Algerian-Saudi Business Forum: Trade Minister Zitouni Calls for Boosting Trade to Match Both Countries’ Economic Potential
BY: Hana Saada
ALGIERS- The Minister of Commerce and Export Promotion, Tayeb Zitouni, urged on Thursday from Riyadh the enhancement of commercial exchanges between Algeria and the Kingdom of Saudi Arabia, aligning them with the significant economic potential of both nations.
During his speech at the Algerian-Saudi Business Forum, Mr. Zitouni stressed the necessity to “strengthen cooperative relations by developing bilateral trade that falls short of the potential of both countries. Additionally, there’s a need to broaden the scope of investment, especially considering that Saudi investors are reliable partners well-versed in modern techniques across various sectors.”
Saudi Arabia stands as Algeria’s second-largest Arab partner, with the total volume of trade estimated at $407.07 million during the first six months of 2023. However, Algeria’s exports amounted to only $25.69 million, compared to imports of $381.38 million during the same period. Over the past four years, the trade volume with Saudi Arabia fluctuated between a minimum of $622.02 million in 2020 and a maximum of $946.89 million in 2022.
“Despite the deficit reflected in these figures, we remain optimistic about the promising future anticipated by both countries, based on a win-win principle, particularly in various investment sectors with promising prospects, including mining, agriculture, manufacturing industries, agro-food, supermarkets, and tourist complexes,” added the minister.
Mr. Zitouni highlighted the series of economic reforms initiated by Algeria under the leadership of President Abdelmadjid Tebboune. These reforms include significant structural projects and adapting the legal framework to global economic changes to create an attractive business environment for foreign investments.
In this context, a long-term strategic plan has been developed, focusing on economic diversification, improving the business climate, increasing the value of non-hydrocarbon exports, embracing the knowledge economy, and attracting foreign investments. The minister explained that the new investment law enhances transparency and offers promising advantages across various domains.
“This strategy has begun to bear fruit,” noted Mr. Zitouni, citing Algeria’s economic achievements over the past three years, evident in positive economic indicators despite the global economic crisis.
During the forum, the minister emphasized Algeria’s efforts to establish platforms promoting local products in strategic markets, particularly West Africa. He also highlighted “promising” projects related to the exploitation of mineral resources, such as the mega-project “Gara Djebilat” and the phosphate complex.
Moreover, Mr. Zitouni called for leveraging Algeria’s multiple advantages, being the “gateway to Africa,” especially after the implementation of the African Continental Free Trade Area (ZLECAF) and the trans-Saharan corridor designated as an economic corridor in its Algerian segment.
The opening session of the Algerian-Saudi Business Forum was co-chaired by Mr. Zitouni and the representative of the Saudi Minister of Investment, Badr Ibn Ibrahim Al Badr. The forum saw a significant presence of businesses and representatives from both countries, including Kamel Moula, President of the Council for Algerian Economic Renewal (CREA), and Hassan Al Huwaizi, President of the Federation of Chambers of Commerce and Industry. Mr. Zitouni commenced a working visit to Saudi Arabia on Wednesday, leading a delegation of businessmen, as part of efforts to strengthen and deepen commercial and economic ties between the two nations.
