Strengthening Ties: Key Sectors of Algeria-India Partnership Highlighted During Presidential Visit

BY: Dr. Hana Saada

Algiers, Algeria | October 16th, 2024 — The recent visit of Indian President Droupadi Murmu to Algeria has brought to the forefront the key sectors underpinning the burgeoning partnership between Algeria and India. Concluding her visit on Wednesday, President Murmu emphasized the potential for enhancing bilateral trade, which has already reached nearly $1.4 billion in the first seven months of 2024. Both President Abdelmadjid Tebboune and President Murmu expressed optimism about further expanding this trade volume.

A significant milestone in this partnership was the signing of a business relations agreement during the Algerian-Indian Economic Forum held last Monday. This agreement aims to foster fruitful and mutually beneficial collaborations between the two nations. In a statement following the forum, it was announced that the Algerian Economic Renewal Council (CREA) and the Federation of Indian Chambers of Commerce and Industry signed a memorandum of understanding to enhance cooperation, setting the stage for future discussions in the upcoming sessions of the Bilateral Cooperation Joint Commission.

Key Sectors of Economic Cooperation

During her visit, President Murmu and Algerian Minister Tayeb Zitouni highlighted the importance of strategic economic relations and the necessity of strengthening these ties through the diversification and increase of commercial exchanges. They underscored the need for both nations to explore investment opportunities, encouraging economic operators to develop and implement profitable projects that benefit both sides.

The two countries have identified several promising sectors for collaboration. These include:

• Energy and Mining
• Petrochemicals and Fertilizers
• Infrastructure Development
• Food Processing
• Manufacturing and Mechanical Industries
• Electricity and Railways
• Pharmaceuticals and Textiles
• Agriculture
• Water Desalination
• Information and Communication Technologies (ICT)

To facilitate these discussions, over 300 Algerian and Indian business operators participated in bilateral meetings, actively exploring partnership opportunities across these sectors. The commitment to deepening bilateral cooperation is founded on mutual trust, with a clear intention to enhance exchange programs and business interactions.

Positive Economic Indicators for Algeria and India

Algeria is increasingly attracting interest from global partners, bolstered by positive economic indicators such as a growth rate of 4.2% and a GDP exceeding $260 billion, alongside foreign exchange reserves surpassing $70 billion and significant mineral wealth. These factors position Algeria as a compelling partner for nations looking to expand their markets, including India.

On the other hand, India, projected to experience a robust growth rate of 7% in 2024 according to the International Monetary Fund (IMF), is rapidly emerging as a global economic power. With a GDP per capita expected to reach $17,322, India’s economy is supported by key sectors such as electronics, telecommunications, and pharmaceuticals. The country boasts a dynamic workforce of over four million in the tech sector, including 130,000 startups, generating a staggering revenue of €123 billion.

Although less integrated into international trade than China, India’s economy is increasingly looking to externalize its operations, presenting an opportune moment for Algeria to strengthen its economic ties with one of the world’s most promising markets.

As both nations look to the future, the commitment to enhancing cooperation and capitalizing on each other’s strengths holds significant promise for a prosperous bilateral partnership. The Algeria-India partnership is not only set to flourish but is also poised to become a vital component in the economic landscape of both nations.

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