The Saudi-Algerian Business Council (SABC) achieved a new success in enhancing the two countries’ bilateral trade through developing a roadmap of eight recommendations that are currently underway.
Chairperson of the Saudi side of SABC at CSC Raed Al Mazroa revealed that a business delegation of 30 Saudi businesspersons visited Algeria recently to explore investment opportunities, and held bilateral meetings with their Algerian counterpart concerning joint ventures and delegation exchanges between the two countries.
The recommendations include encouraging Algerian and Saudi firms to explore their respective markets, revising the percentage of foreign investments ownership in Algeria, discussing banking procedures, and creating a Saudi-Algerian bank to finance bilateral investments.
Al Mazroa explained that the Algerian side of the joint council proposed a number of projects for Saudi investors to implement according to partnership policies, including a project to build a private hospital, and another for a machinery factory, among other projects. Saudi investors were additionally encouraged to invest in fiber optics, agriculture, tourism, healthcare, manufacturing, transportation, energy, and IT.
The SABC Chairperson noted that now is the perfect timing to create a solid partnership between the two countries due to the support they both have from their respective leaderships, and related bodies concerned with facilitating trade. He additionally revealed that agreements were signed pertaining to sectors including pharmaceutical, foodstuffs, and constructions.