Cooperation: China pulls rug out from under French investors in Algeria

date 2016/10/16 views 1103 comments 0

icon-writer By: S. A /*/ English Version: Med.B.

Algeria and China signed Sunday in Algiers a framework agreement to shore up partnership in the industrial sector in order to create profit-yielding joint projects in several areas and to attract fresh Chinese investments in Algeria.

 Entitled "Convention to reinforce production capacity between Algeria and China", this framework agreement was signed by Minister of Industry and Mines, Mr Abdessalem Bouchouareb and the Chinese Vice trade Minister Mr Qian Keming on a working visit to Algeria.

This "important" partnership agreement is aimed at restructuring the common economic relations currently based on commercial exchanges, public implementation of contracts and direct them to a dynamic investment and joint production through the establishment of an executive officer and a base of industrial and technological partnership between the two countries, said Mr. Bouchouareb at the signing ceremony.

This agreement will encompass manufacturing, resource and energy (oil and gas), mechanical industry, railway industry, steel, infrastructure, petrochemicals, renewable energies, efficiency energy, processing of mineral products, construction, household appliances and technical cooperation.

A Monitoring Committee was set up to supervise the review of areas of partnership and cooperation as a priority for both parties in the short-term.

Through this agreement, Algeria and China contemplate improving and modernizing the Algerian companies including production capacity.

The signing of this agreement "will allow Algeria to deepen its relations with its biggest trading partner and open up new prospects for strengthening bilateral cooperation through the creation of strong companies serving the interests of the two countries."

In this sense, Mr. Bouchouareb recalled that Algeria aims to be a destination of choice for Chinese investors who aspire to win more international markets including markets of the North African region.

Such agreements can eliminate the hurdles facing Chinese investors, he said, calling on companies in both countries to seize opportunities to create productive projects capable of developing the Sino-Algerian partnership and deepening relations of economic cooperation between the two friendly countries.

For its part, the visiting Chinese Vice Minister of trade stressed that the bilateral agreement will hike the volume of Chinese investments in Algeria now estimated at some $ 2.5 billion dollars.

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