✏️ BY: Dr. Hana Saada
Algiers, Algeria | July 4th, 2024 — Algeria is poised to experience a significant influx of Egyptian investments, as multiple Egyptian companies express keen interest in establishing factories within the country. Yasser Qarani, Minister Plenipotentiary and Head of the Commercial Office at the Egyptian Embassy in Algeria, announced this development during a meeting in Algiers on Wednesday. He highlighted the burgeoning volume of trade between Algeria and Egypt, signaling a new phase of economic collaboration.
Diverse Investment Avenues
According to Qarani, Egyptian enterprises are particularly eyeing opportunities in Algeria’s packaging, synthetic fibers, and agro-food industries. These sectors are viewed as mutually beneficial, aiming to enhance production capabilities and economic ties between the two nations. He emphasized the strategic importance of fostering such investments, which contribute to local employment and technological transfer.
Currently, Egyptian investments in Algeria amount to nearly USD 3 billion, spanning infrastructure, fertilizers, and catering sectors. Qarani urged Algerian businessmen to reciprocate by considering investments in Egypt, underscoring the potential for bilateral economic growth.
Promising Trade Growth
Over the past five years, bilateral trade has surged from USD 600 million to USD 1 billion. Both countries aim to elevate this figure to USD 5 billion in the coming four years, focusing on agro-food industries, automotive-related sectors, and renewable energies.
Prospects in Gas Sector Cooperation
In addition to industrial investments, discussions are underway for collaboration in Algeria’s gas sector, reflecting shared strategic interests and complementing existing economic partnerships.
Optimistic Outlook
Egyptian Ambassador to Algeria, Mokhtar Warida, highlighted the positive impact of strong bilateral relations on economic growth, driven by reciprocal visits and high-level delegations between the two nations’ leadership.
Strategic Partnerships
Abdellah Benarab, President of the International Bureau of the Algerian Union of Economy and Investment, lauded Egyptian enterprises as a successful model of direct investment. He emphasized their role in job creation, technology transfer, meeting local market demands, and boosting exports.
The Algerian-Egyptian economic forum exemplifies a robust framework for expanding economic collaboration. It underscores the growing momentum in bilateral ties and the shared commitment to exploring new avenues for mutual prosperity and development.
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Honored with the Media Leadership Award from the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the landscape of Algerian digital news, maintaining a position of influence and impact in the media industry.
