BY: Hana Saada
ALGIERS- In a significant step towards fostering economic growth and cooperation, Algeria and China have agreed to deepen their economic partnership and enhance practical cooperation between the two nations. Charaf-Eddine Amara, President of the National Union of Public Contractors and President and General Manager of MADAR Holding, lauded the outcome of the recent forum and expressed optimism about the great potential for investment between China and Algeria in various fields.
Expanding Trade and Investment Opportunities
The joint statement following the high-level meeting of the two presidents of Algeria and China, respectively, Abdelmadjid Tebboune and Xi Jinping, highlighted their determination to increase the volume of trade exchange and facilitate Algeria’s non-oil exports to China. Both countries recognized the multiple privileges offered by Algeria’s new investment law, which will undoubtedly encourage Chinese qualitative investments in Algeria.
The collaboration between the two nations will focus on a wide range of industries, including the automotive sector, space science, agriculture, culture, tourism, port construction, logistics, water desalination, infrastructure, manufacturing, mining, the financial sector, digital economy, energy, education, scientific research, media, tax administration, customs, and anti-corruption initiatives. This comprehensive approach will create a fertile and supportive investment environment, opening up broader horizons for economic cooperation between Algeria and China.
Building on a Solid Foundation
Both countries also expressed their commitment to strengthening scientific and academic cooperation and supporting cultural institutions in China and Algeria. A series of cultural events celebrating the 65th anniversary of diplomatic relations between the two nations will be organized to further deepen the ties at the grassroots level in various cultural, sports, tourism, and media domains.
These collaborative efforts align seamlessly with the “New Algeria Vision” and the “Belt and Road” initiative, emphasizing the commitment to deepening cooperation across various sectors. The signing of the executive plan for the “Belt and Road” initiative, the second five-year plan for comprehensive strategic cooperation (2022-2026), and the tripartite plan for cooperation in essential areas (2022-2024) further solidify the foundation for mutually beneficial development.
Amid the challenges posed by the global pandemic, both nations demonstrated mutual support and cooperation in combating the COVID-19 pandemic. Algeria and China have been instrumental in vaccine production and distribution, exemplifying their strong partnership in the healthcare sector. The two presidents pledged to strengthen cooperation in health, building on their long-standing collaboration since 1963 when China sent its first medical mission outside its borders to Algeria.
A Vision of Prosperity
With the recent developments and agreements between Algeria and China, the stage is set for a prosperous future for both nations. The mutual commitment to enhancing trade, investment, and cooperation in diverse sectors reflects a shared vision of sustainable development and economic growth.
As Algeria embraces its “New Algeria Vision,” a transformative era of economic progress and modernization is on the horizon. With China’s support and investment, Algeria is poised to become a promising destination for global investors seeking lucrative opportunities.
The alliance between Algeria and China marks a new chapter in their diplomatic and economic relations. The determination to deepen practical cooperation, promote cultural exchange, and support each other’s growth represents a significant stride towards shared prosperity.
As President Charaf-Eddine Amara rightly puts it, the investment potential between China and Algeria is indeed promising. The joint efforts to harness this potential and create an environment conducive to growth highlight the commitment of both nations to unlock a prosperous future.
In a world that demands collaboration and synergy, Algeria stands ready to welcome investors from China and beyond, inviting them to be a part of its promising journey towards economic advancement and stability. As the two nations join hands, we can look forward to witnessing a flourishing partnership that will pave the way for a brighter future for all.
