✏️ BY: Dr. Hana Saada
Algiers- Algeria, May 9, 2024 – The Algerian-Turkish Business and Investment Forum, established six months ago, aims to enhance bilateral cooperation by focusing on key sectors outlined by the government, according to its president, Mohamed Ibrir.
Addressing the Commission on Economic Affairs, Development, Industry, Trade, and Planning of the People’s National Assembly, Ibrir outlined the Forum’s objectives, which include targeting strategic sectors, such as agriculture, renewable energy, manufacturing, and healthcare. Created by Algerian businessmen in Turkey, the Forum aims to transfer Turkish expertise to Algeria to contribute to its economic revival. This transfer is to be facilitated through the federation of Algerian businessmen established in Turkey and elsewhere.
Moreover, the forum intends to provide support to Algerian businessmen in their investment projects, aiming to network economic relations between various institutions and economic entities of both countries. According to Ibrir, the Forum has engaged with 25 Turkish public and private entities and has signed memorandums of understanding and agreements with 12 organizations from Turkey. He also mentioned the Forum’s objective to convince Turkish businessmen to invest in Algeria, considering it as a gateway to Africa. Another goal is to promote Algerian products, leveraging opportunities such as the shortage of cement in Turkey due to recent construction projects, which presents an opening for Algerian cement.
Ibrir highlighted the need to instill a more open mindset among national economic operators towards foreign markets, asserting that it is essential for further improving the national product and its placement in foreign markets. To address this, the Forum has developed a digital platform facilitating investment procedures for Turkish and Algerian businessmen across borders. Ibrir stressed the importance of investment guides and disseminating the legal framework governing investment in Algeria, along with the incentives offered by the state.
In terms of priority sectors, the Forum aims to align with the government’s policies, focusing on agriculture, renewable energy, new technologies, manufacturing, healthcare, tourism, and waste management. Ibrir emphasized the wealth of data on investment opportunities and Turkish experience that the Forum possesses and its intention to make it available to Algerian institutions.
Additionally, the Forum plans to organize a “high-level” seminar in November to enhance its visibility and achieve its objectives. Toufik Guerache, President of the Economic Affairs Commission of the People’s National Assembly, highlighted the reform measures taken to improve the business climate in Algeria, including the Investment Law and its implementing texts aimed at ensuring investment freedom and legal stability. Guerache noted the significant growth in bilateral cooperation relations in recent years and expressed hopes that the Algerian-Turkish Forum would contribute to this economic momentum, alongside the 1,550 Turkish companies operating in Algeria, with an investment volume of around $6 billion.
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