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Wednesday, March 22, 2023

Emirates News Agency – UAE, Algeria advance economic partnership

Emirates News Agency – UAE, Algeria advance economic partnership

ABU DHABI, 25th February, 2023 (WAM) — The 15th session of the UAE-Algeria Joint Economic Council was held in Abu Dhabi, with Abdullah bin Touk Almari, Minister of Economy, and Algeria’s Minister of Industry, Algeria. Ahmed chaired the event in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

The UAE Minister of Economy said: “The late Sheikh Zayed bin Sultan Al Nahyan and President Houari Boumediene established frameworks of brotherhood and partnership that have proven to be the A real basis for solid Algerian relations.”

“Economic cooperation is one of the main pillars of the strong relationship between the two countries, with non-oil trade between the two sides recovering from the impact of the Covid-19 pandemic, growing 14% from US$701 million in 2020 to approximately US$800 million by the end of 2022. We look forward to working together in the next phase, particularly through this Commission’s plan, to increase our trade flows to more than the $1 billion reported in 2019.”

The Minister of Industry of Algeria stated that this committee meeting reflects the sincere political will of the leaders of the two countries, as well as the firm determination to elevate the relationship and cooperation between the two countries to the level of a strategic partnership and realize the common interests and aspirations of the two countries. Further development and progress.

Dr. Al-Zeyoudi said that in 2021, the UAE will be one of Algeria’s main Arab trading partners, accounting for nearly 20% of the trade volume between Algeria and Arab countries, ranking first in the Gulf region with a ratio of more than 40%. Algeria’s trade with GCC countries. He added that by the end of 2021, the total value of UAE investment inflows to Algeria is approximately US$600 million.

hatem muhammad

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