A large delegation of Algerian businessmen is slated to fly together with representatives of the Ministry of Industry and Mines on the 8th of July to the Saudi capital Riyadh to attend the “Day on Investment in Algeria” , an event organized by their Saudi counterparts, in accordance with the findings of last April’s joint Algerian-Saudi cooperation commission as the Saudi Arabian side is eyeing important deals with Algeria notably in the sectors of agriculture, industry, tourism and information and communication technologies in the first place.
The Algerian Chamber of Commerce and Industry confirmed on its website that a host of Algerian economic operators, in accordance with the outcome of the joint Algerian-Saudi Joint Commission, held in Riyadh last April, will organize in conjunction with the National Agency for Investment Development and the General Authority for Investment in Saudi Arabia, a day on investment opportunities in Algeria on 9 July 2018 in Riyadh, capital of the Kingdom of Saudi Arabia.
According to the same source, the upcoming economic event will witness the participation of official representatives of the government, economic traders and investors from both brotherly countries.
Today, the focus will be laid on a comprehensive presentation of the manifold investment and partnership opportunities in Algeria, especially in the fields of agriculture, industry, renewable energies, tourism as well as information and communication technologies.
Project proposals were put forward by Algerian companies which will be present at the event.
This is the fourth get-together of its kind between Algerian and Saudi businessmen over the last two years after a first meeting held a year ago in Algiers at the level of the Palace of Congress in the framework of the proceedings of the Algerian-Saudi Business Council, followed by a second meeting organized last April, before a regular encounter in Riyadh which took place in November 2016.
As a recall, Saudi Arabia was the guest of honor of the 51st edition of the Algiers International Fair last May held at the Pins Maritimes Exhibition Palace Hall located on the eastern outskirts of Algiers.
This comes at a time when bilateral economic relations are converging in the midst of the oil crisis that has plagued the producing countries since the second half of 2014, with Algeria offering important investment opportunities in a number of sectors of activity, that have enticed Saudi Arabia and a number of countries, given that Algeria is looking for new investors outside the hydrocarbons sector in a bid to shore up and diversify its economy.
The proceedings of the 13th session of the Algerian-Saudi joint cooperation commission culminated in the signing of three agreements for cooperation in the fields of investment, conformity and standardization, as well as in the field of international relations.
To this effect, the Algerian Minister of Industry and Mines Youcef Yousfi co-chaired the 13th session of the Algerian-Saudi joint cooperation commission held in Riyadh earlier this year together with the Saudi Minister for Trade and Investment Madjid bin Abdullah Al Qasabi.