Bilateral trade between Qatar and Algeria stood at $36.13mn in 2020, HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari said on Thursday.
Addressing the Qatari-Algerian Business Council’s first virtual meeting, al-Kuwari highlighted the “strength and durability” of relations between the two countries, referring to the historic visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Algeria in February 2020, a visit that has contributed to consolidating Qatari-Algerian co-operation at all levels, especially economically and also in terms of investment.
The minister noted that the investment co-operation had seen great progress following the establishment of the Algerian Qatari Steel company in Algeria. Of an investment cost exceeding $2bn, Algerian Qatari Steel is one of the most significant joint projects in the region.
Qatar, al-Kuwari stated, was one of the largest investors in the Republic of Algeria, with Qatari investments comprising 74.31% of foreign investments there.
The Minister of Commerce and Industry touched on the characteristics of the Qatari economy and said, “Qatar has devised a solid strategy to support the strength of the national economy by providing financial and economic incentives to the private sector, as well as by providing various exemptions to protect entrepreneurship and SMEs.
“Qatar had sought to strengthen the partnership between government agencies and the private sector, due to its belief in the private sector’s pivotal role in implementing programmes aimed at achieving economic recovery and supporting Qatar’s march to meet the goals under its National Vision 2030.”
The minister indicated that Qatar had moved forward in terms of maintaining investment stimulation. To this end, Qatar has developed the business environment and has put in place legislative and regulatory frameworks that allow foreign investors full ownership in various sectors, as well as in different economic and commercial activities.
Additionally, Qatar has provided “significant” investment benefits and incentives that have instilled Qatar’s leading position on the global investments map.
In conclusion al-Kuwari highlighted the fact that the first meeting of the Qatari-Algerian Business Council was an important event that would “positively” affect the volume of trade and investment exchange between the two countries.
In this regard, al-Kuwari called upon businessmen from both sides to benefit from the investment opportunities available in the two countries, and form new partnerships.
Besides al-Kuwari, Kamel Rezig, Minister of Commerce in the People’s Democratic Republic of Algeria, participated in the proceedings of the Qatari-Algerian Business Council’s first meeting convened virtually yesterday.
The Qatari-Algerian Business Council is co-chaired by HE Sheikh Faisal bin Qassim al-Thani, chairman, Qatari Businessmen Association, from the Qatari side and Kamel Mola from the Algerian side.
The virtual meeting featured significant participation from the two countries. From the Qatari side, participants included Hassan bin Ibrahim al-Malki, Qatar’s ambassador to Algeria, as well as a number of Qatari officials and businessmen.
From the Algerian side, participants included Dr Mustafa Boutoura, Algerian Ambassador to Qatar, as well as a number of officials and representatives of Algerian companies.
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