UAE, Algeria keen to step up bilateral investments

Sultan bin Saeed Al Mansouri, Minister of Economy, discussed ways to boost economic and trade cooperation with Saleh Attya, Ambassador of Algeria to the UAE.

Held in the Ministry of Economy's offices in Abu Dhabi, the meeting was attended by Jamal Al Jarwan, secretary-general, UAE Companies Investing Abroad Council, and Tareq Al Marzooqi, director of government communication at the Ministry of Economy.

Al Mansouri confirmed the UAE's keenness to develop bilateral relations with Algeria for the benefit of the two countries and their people. The minister commended the important role played by the UAE-Algeria joint committee in advancing relations and exploring opportunities for cooperation in vital sectors.

The joint committee recently concluded a meeting in Abu Dhabi that was headed by Shaikh Abdullah bin Zayed Al Nahyan, Foreign Minister. Attended by a number of senior officials, the meeting witnessed the signing of several landmark memorandums of understanding between the two countries.

Al Mansouri said Algeria is an important strategic partner for the UAE. Non-oil trade between the two rose from $423.9 million in 2013 to $493.2 million in 2014 - marking a 14 per cent year-on-year growth. He added that while the numbers were significant, there were several opportunities that could be leveraged to accelerate bilateral trade and improve collaboration - especially with mutual agreements on trade, industry, agriculture, customs, taxes and securities.

The minister highlighted the important role of the private sector in bolstering bilateral relations by facilitating collaborations between business communities in the UAE and Algeria.

Al Mansouri noted that there are several promising sectors that offer rewarding opportunities. Among the most important ones are the industry and renewable energy sectors. Despite being one of the largest producers of oil and gas, the UAE has also managed to emerge as a leader in renewable energy and is seeking to collaborate with other countries in this field.

Attya commended the development of bilateral relations especially in the economic, trade and investment domains, and said the UAE investments in Algeria include 17 major projects valued at Dh22 billion. He added that future prospects of cooperation looked optimistic with both countries keen to augment bilateral relations.

The ambassador confirmed Algeria's interest in establishing investment partnerships with the UAE, saying his country aimed to offer all necessary support to investors from the UAE. He praised the significant role played by the UAE investments in the development process of Algeria.

Welcoming UAE-based aviation companies to invest in Algeria, Attya urged the UAE's airlines to open new cargo and passenger lines to Algeria to enhance trade and leisure opportunities.

The UAE and Algeria are joint signatories of around 40 agreements spanning the economic, investment, tourism, double taxation, education, judiciary, agriculture, environment, maritime transport, ports and aviation services sectors.
Source: Khaleej Times