(MENAFN- The Peninsula)
Doha: HE Minister of Commerce and Industry Ali bin Ahmed Al Kuwari, affirmed the strength of relations between the State of Qatar and the People's Democratic Republic of Algeria, pointing out that economic and investment cooperation between the two countries has witnessed great progress in recent years.
His Excellency, upon his participation in the work of the first meeting of the Qatari-Algerian Business Council, which was held today through video conference technology, praised the visit of HH the Amir Sheikh Tamim bin Hamad Al-Thani to Algeria in February 2020, which contributed to consolidating cooperation between the two countries on all levels, especially at the economic and investment levels.
His Excellency said that the investment cooperation witnessed great progress following the establishment of the Algerian-Qatari Steel Company in Algeria, noting that it is one of the most important joint projects in the region and its investment cost exceeded two USD billion.
His Excellency added that the State of Qatar is one of the largest investors in Algeria, with a rate of 74.31 percent of the volume of foreign investments. His Excellency also mentioned that the volume of trade exchange between the two countries last year amounted to about USD 36.13 million.
His Excellency pointed out that the first meeting of the Qatari-Algerian Business Council is an important event that will positively reflect on the volume of trade and investment exchange between the two countries, calling in this regard to businessmen from both sides to take advantage of the investment opportunities available in the two countries and to establish new partnerships.
His Excellency the Minister of Commerce and Industry referred to the characteristics and advantages of the Qatari economy, indicating that the state has developed a tight strategy to support the strength of the national economy by providing financial and economic incentives to the private sector and providing various exemptions to protect entrepreneurship and small and medium-sized companies.
His Excellency also added that work has been done to strengthen the partnership between government agencies and the private sector, believing in its pivotal role in implementing programs aimed at achieving economic recovery and supporting the path of the State of Qatar towards implementing the goals of its National Vision 2030.
His Excellency explained that the state has moved forward towards continuing to stimulate investment by developing the business environment and providing it with legislative and regulatory frameworks that allow foreign investors the possibility of 100 percent ownership in various sectors and economic and commercial activities in addition to providing important investment benefits and incentives that have established the country's leadership on the global investment map.
The meeting was attended by HE Minister of Commerce of the People's Democratic Republic of Algeria Kamel Rezig, HE Ambassador of the State of Qatar to Algeria Hassan bin Ibrahim Al Malki, HE the Algerian Ambassador to the state Dr. Mustafa Boutoura, and a number of businessmen from the two countries.
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