Algeria Highlights Investment Opportunities In Agriculture| MENAFN.COM

Sunday, 14 August 2022 04:06 GMT

Algeria Highlights Investment Opportunities In Agriculture


(MENAFN- Brazil-Arab News Agency (ANBA))

São Paulo – The volume of trade between Brazil and Algeria was USD 3 billion in 2021, according to Algeria's Industry Ministry secretary-general Belabrik Salah Eddine. Besides highlighting the figure, Eddine commented that this is the first time that the Algerian state participates in an economic forum in Brazil.“This is testament to the importance we attach to this type of events, the economy, investments , and bilateral cooperation, particularly because we are the top destination for exports from Brazil in Africa and the third in the Arab world,” he said.

The secretary-general came to Brazil to participate in the special session“Promising Perspectives for the Economic Cooperation between the Arab Countries and Brazil” held during the Economic Forum Brazil and Arab Countries on Monday (4). Seated next to him was National US-Arab Chamber of Commerce (NUSACC) president David Hamod, who moderated the session.

Right at the beginning, Hamod reinforced the relevance of partnerships both between Brazil and the Arab world and between the United States' and Brazil's Arab chambers.“One hand cannot clap,” he said.“We're very grateful for being here celebrating the 70th anniversary of the Arab Brazilian Chamber of Commerce (ABCC), our sister. We at the US are a little behind, celebrating our 50th anniversary,” he said.

The NUSACC's president recalled a trip he made to Algeria when he saw exports of rug, refrigerated goods and pharmaceutical products.“They were products of the highest quality,” he said.“As a result of this trip, we sold USD 10 million worth of irrigation equipment for Algeria's agribusiness . I say this because maybe Brazil could do the same. We have been very successful in trading with Algeria,” he added.

Algeria's Industry Ministry representative took the opportunity to invite the participants to bring Brazilian technology and expertise to millions of hectares available in the African country.“We have irrigation projects in the Sahara Desert with outstanding results, he said.“We have land, resources, governmental support, tax exemptions, transparency, and trust. All conditions are present for foreign investors to be more present in our country,” he said.

The secretary-general also gave some more information about the North African country such as its population of 50 million residents with an average age of 25 years old.“We have a relevant workforce,” he said.“Furthermore, our production cost is one of the cheapest in the world. Another important point is the transport from Algeria to Europe via the Mediterranean Sea, which takes only one hour. Brazilian companies are welcomed with open arms.”

The Economic Forum Brazil & Arab Countries is held by the ABCC in partnership with the Union of Arab Chambers, supported by the League of Arab States and sponsored by Travel Plus, Brazil Trade and Investment Promotion Agency (ApexBrasil), Fambras Halal, Embraer, Itaipu Technology Park, Pantanal Trading, Embratur, Khalifa Industrial Zone Abu Dhabi (KIZAD), Cdial Halal, Modern Living, BRF, Egyzone/Am Development, Antika Openet/BV, First Abu Dhabi Bank, Egyptian Financial & Industrial (EFIC), Suez Company for Fertilizers (SCFP), Boa Esperança Agriculture Cooperative (CAPEBE), Prima Foods, and Afrinvest.

Here's more on the Economic Forum Brazil & Arab Countries .

Translated by Guilherme Miranda

Rodrigo Rodrigues/Arab Brazilian Chamber

The post Algeria highlights investment opportunities in agriculture appeared first on Agência de Notícias Brasil-Árabe .

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