Qatari Businessmen Ready To Invest In Algeria: Sheikh Faisal| MENAFN.COM

Tuesday, 05 July 2022 07:41 GMT

Qatari Businessmen Ready To Invest In Algeria: Sheikh Faisal

(MENAFN- The Peninsula) The Peninsula

Doha: Algerian and Qatari businessmen stressed the need to work together to strengthen the partnership between the companies of the two countries, especially in strategic areas and to boost the volume of trade exchange between Algeria and Qatar.

This came during the second meeting of the Algerian-Qatari Business Council, in Algiers, with the participation of the Qatari Businessmen Association (QBA), headed by Sheikh Faisal bin Qassim Al Thani, QBA Chairman, the President of the Algerian-Qatari Business Council, Kamal Mulla, and the President of the Algerian Chamber of Commerce and Industry Tayeb Shabab, Qatari Ambassador to Algeria, H E Abdulaziz Ali Al Nama, in addition to QBA members Sheikh Mohammed bin Faisal Al Thani, Mohamed Moataz Al Khayat, and Sheikh Nayef bin Eid Al Thani, member of the Qatari Hotels Association, and a number of Algerian businessmen.

In his speech, Mulla spoke about the government reforms, particularly in the economic and financial sectors in order to create a stable business climate and encourage local and foreign investment.

He highlighted the importance of the new Algerian investment bill, which provides the right conditions that guarantee long-term stability for the development of the economy and attract the investor.

Mulla also stressed the need to overcome the challenges in food, health and water security, in addition to the challenges in the energy sector and the necessity to exploit other resources such as solar energy.

Among the sectors that can provide opportunities for investment, he mentioned the development of water management as a priority for agriculture in the desert in order to improve the irrigation factor in agricultural cooperatives, especially those that undertake the development of strategic intensive crops such as grains, animal food and corn. On the other hand, he said that the pharmaceutical industry requires huge investments to meet the needs of the local and those of the African neighborhood markets.

Also speaking during the meeting, Sheikh Faisal expressed his aspiration to develop partnerships with Algerian businessmen in the sectors of tourism and agriculture, with the aim of achieving self-sufficiency in basic crops such as wheat.

He continued:“All factors are ready here to enhance cooperation, and we are willing to establish partnerships and all suggestions are welcomed”.

Shabab also reiterated the Algerian's side keenness to establish a real and sustainable partnership with Qatari partners, and not just trade exchange. He called on Qatari businessmen to discover investment opportunities in Algeria, especially in strategic areas such as agriculture, desert agriculture, reconstruction, tourism and solar energy.

Ambassador Al Nama also noted:“Qatari-Algerian relations are taking firm steps towards a better future. We look forward to a promising future in all sectors, especially investment”.

The QBA delegation also discussed with the Algerian Minister of Trade H E Kamal Reziq areas of cooperation in many fields, including agriculture, tourism and the commercial sector.

Minister Riziq also talked about a shopping center with international standards, given that the Algerian market is thirsty for such investments. He added:“There are ambitious programs in oil and sugar to achieve local self-sufficiency and also exporting to the African market”.

He also referred to the new investment law, which he considers the best law in the history of Algeria and will be published within two months, where foreign investment will be divided into four types of investment. There will also be several incentives, including not changing the law within 10 years at least in order to stabilise and attract foreign investors, while the investment sectors include industrial, agricultural, tourist and service investments.

Sheikh Faisal added that“businessmen of the two countries have a major role in securing the needs of the two countries, especially agricultural production, and establishing partnerships with Algerians to reduce imports”.

The Qatari-Algerian Business Council held a dinner in honor of the QBA delegation, which was attended by Minister Reziq, Minister of Tourism and Handicrafts H E Yassin Hammadi, Shabab, Ambassador Al Nama, and a large number of Algerian businessmen. Discussions continued on small and medium-sized companies in the fields of health, agriculture, tourism, real estate, solar energy and other productive sectors.



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