Algerian Companies Sign Contracts Worth Over $300 Million

The Intra-African Trade Fair, held at the Exposition Palace in Algiers on Monday, witnessed the signing of several agreements between Algerian and African companies, with contracts exceeding $300 million.

In this context, Madar Holding Company concluded a contract with a Libyan company to export refined sugar worth $180 million. Meanwhile, the Souakri Group signed an agreement with a Libyan partner to supply it with cement by land and sea for a period of one year, valued at $51 million. The agreement was attended by Omar Rekkache, Director General of the Algerian Investment Promotion Agency, and Kamel Moula, Chairman of the Economic Renewal Council (CREA).

For its part, the Condor Group signed six agreements worth a total of $80 million annually with six companies from the Ivory Coast, Senegal, Egypt, Libya, Tunisia, and Mauritania.

The signing ceremony took place on the sidelines of a workshop organised under the theme “Empowering African Entrepreneurs: Accelerating Infrastructure Development in Africa,” organised by the African Export-Import Bank (Afreximbank).

During the opening of the workshop, Minister of Foreign Trade and Export Promotion, Kamel Rezig, emphasised that the exhibition represents an opportunity to strengthen continental economic cooperation and realise shared aspirations for prosperous development.

The Minister added that infrastructure represents the foundation of any economic renaissance, highlighting the importance of the construction, transportation, energy, and infrastructure sectors in supporting investment and trade. He also noted Algeria’s efforts to develop a solid logistics base and engage in public-private partnerships to serve African integration.

He also praised the capabilities of national institutions in the construction sector, both in terms of achievement and capacity building, emphasising that Algeria has transitioned from an importer to a major exporter of building materials to the African continent, like cement, ceramics, iron and steel, and gypsum products.

The Minister concluded by emphasising that this exhibition represents a pivotal event and a space for dialogue, opening new horizons, realising the goals of the African Continental Free Trade Area (AfCFTA), and advancing the continent’s economic integration process.