By: Hana Saada
ALGIERS– Endowed with comparative advantages on several levels, Algeria constitutes an attractive pole for Arab investors, with major projects carried out in several sectors and growing investment intentions.
Investments set to be revised upwards with the new investment law
This is the case with the Saudis. Indeed, the Ambassador of the Kingdom of Saudi Arabia in Algiers, Abdullah Bin Nasser Al Bussairi, expressed “the willingness of the Saudi businessmen to increase their investments in Algeria and to take advantage of the advantages of the promising Algerian market within the framework of the major economic reforms initiated by the public authorities”, especially since the Kingdom of Saudi Arabia has set up the Saudi-Algerian Supreme Coordination Council, by decision of the Saudi Council of Ministers chaired by Crown Prince Mohammed bin Salman. An initiative aimed at strengthening cooperation between Algeria and Saudi Arabia in the political, security, economic and cultural fields.
According to the press release issued following the meeting between the Secretary General of the Ministry of Foreign Affairs and the National Community Abroad, Amar Belani, and the Saudi diplomat, both sides insisted on the need to hold, as soon as possible, the 14th session of the Algerian-Saudi joint commission. A prospecting framework for new cooperation and partnership opportunities between the two countries thanks to the tax facilitations and legislative guarantees offered in Algeria, under the new investment law, for the benefit of foreign investors.
After hailing “the depth and solidity of the historic relations between the two sisterly countries and brotherly peoples”, the two parties highlighted “the strong will of the Algerian and Saudi leaders to promote bilateral cooperation in the various fields” and “to open up broader prospects for it” reflecting “the capacities of the two countries and their important role at both the regional and international levels”.
Referring to the meeting of the political consultation commission slated for next May under the chairmanship of the heads of diplomacy of the two countries, the two diplomats underlined “the importance of bringing together all the conditions favorable to the success of this meeting”.
The talks between the two parties also focused on several regional and international issues of common interest. While the Saudi diplomat hailed “the success of the Algerian presidency of the Arab League and the tireless efforts made by President Tebboune to close Arab ranks, defend the interests and just causes of the nation and improve the system of joint Arab action”, Ammar Belani highlighted “the importance of strengthening consultation and coordination between the two countries to meet the immense challenges facing the Arab world in the current international situation plagued by risks and polarizations”.
Welcoming the resumption of Iranian-Saudi diplomatic relations, Ammar Belanai said that “this step would enhance security and stability in the region and increase the ability of Arab and Muslim states to collectively and effectively address the above challenges and defend the vital interests of nation, foremost among which is the just cause of the Palestinian people.
