Egypt stands fully ready to boost co-operation with Algeria in various economic, trade and investment spheres, especially in light of Algerian President Abdelmadjid Tebboune’s declaration that 2022 would be the year of economic upturn in Algeria, Trade and Industry Minister Nevine Gamea said.
The minister’s remarks came during her meeting on Thuursday with Algerian Minister of Industry Ahmed Zeghdar and Minister of Trade and Export Promotion Kamel Rezig.
During the meeting, held as part of the 8th-Egyptian-Algeria Joint Commission, the three ministers discussed ways of strengthening joint co-operation between Egypt and Algeria in various domains.
The meeting also took up Egypt’s successful experiment in the establishment of industrial zones, said Gamea, according to a statement issued by the Ministry of Trade and Industry.
The Egyptian government’s efforts in advancing industrial projects and manufacturing production supplies were also reviewed during the meeting, the minister said.
Shestressed the importance of promoting efforts to activate the role of the Egyptian-Algerian Business Council in strengthening bilateral economic co-operation.
The volume of trade exchange between Egypt and Algeria reached about $787 million during 2021, against $747 million a year earlier, noted the minister during the meeting.
The Algerian investments in Egypt stand at $54.6 million, said the minister, adding that the investments are in the spheres of industry, tourism, services, construction, agriculture and IT.
She went on to say that the volume of Egyptian investments in Algeria between 2002 and until June 2018 hit 2 billion dollars.
For their part, the two Algerian ministers, underscored keenness to promote economic co-operation in Egypt and benefit from the great capabilities in the two countries in a manner that would serve the interests of the two countries and realise the aspirations of their brotherly peoples.
Egypt also plans to open new spheres for foreign direct investment, including IT, seawater desalination projects, and new and renewable energy, she further said.
Talking about the country’s efforts to introduce additional incentives to investors, the minister of trade pointed out to the decision which allows the establishment of companies virtually, without obliging them to have a physical headquarters.
Efforts are underway to offer additional incentives to investors who set up offices in certain areas, including the New Administrative Capital, New Alamein City, New Mansoura and the Suez Canal Economic Zone (SCZONE), she further said.
Gamea also pointed out to the crucial role played by the private sector in enhancing the economic activity and attaining overall development.
She said it is now a critical stage for the entire world, especially for emerging markets, as the coronavirus pandemic and the Russian-Ukrainian crisis have created obstacles to the global business community and the investment climate.
For his part, Algerian Minister of Trade and Export Promotion Kamel Rezig asserted that Algeria welcomes and encourages establishing effective economic partnership between the Egypt and Algeria.
Rezig welcomed members of the Egyptian delegation, wishing them good stay in Algeria.
Rezig said foreign trade plays an important role in providing appropriate atmosphere for sustainable development and for the diversification of national economy.
Algeria has dedicated big part of its resources to provide necessary structural facilities and projects to guarantee flexible commercial activities at both the national and foreign levels, he said.
About 22 Egyptian companies are operating in Algeria with investments worth $2 billion, Rezig said.
The Egyptian-Algerian High Joint Commission, which was held under the chairmanship of the two counties’ prime ministers, witnessed the signing of 13 agreements in several spheres.
The agreements include trade, industry, water resources, higher education and scientific research, environment, small and micro-sized enterprises, bourse and financial supervision along with promoting investments and exports.
