Iran to Set up Cement Plant in Algeria

Iran and Algeria signed a document and two memoranda of understanding on the expansion of economic cooperation between the two countries.

• According to the report, the documents were signed by Iran’s Minister of Housing and Urban Development Mohammad Saeedi Kia, and Algerian Minister of Higher Education and co-chairman of Iran-Algeria Joint Economic Commission Rachid Harraoubia at the end of the 3rd session of the commission in Algiers.

  As per the report Iran and Algeria agreed on the construction by Iran of a cement plant in Algeria with the production capacity of 1 million tons per year. Iran would have a 51 % stake in the plant, while the remaining 49 % would be held by Algeria.

  Saeedi Kia, who is the Iranian head of the joint commission, said that the two countries should establish strong bilateral ties in line with mutual interests.

  He expressed the willingness of Iranian companies to make investments in Algeria, saying that joint ventures would contribute to further strengthening of economic cooperation.

  Head of the Algerian Chamber of Commerce and Industry Brahim Bendjaber said that the cement plant would be built at a cost of EUR 220 million in the North African country.

  Iran and Algeria also agreed to boost cooperation in the railway sector.