Algerian Trade Min.: Trade Exchange With Turkiye Hit USD 6.3 Bln

6/24/2024 3:05:41 PM

(MENAFN- Kuwait News Agency (KUNA)) ALGIERS, June 24 (KUNA) -- Algerian Minister of Trade and Export Promotion Tayeb Zitouni stated Monday that the trade volume between the two countries reached USD 6.3 billion, calling for intensified efforts to raise this to the level of their Political relations.
The Algerian minister made the statement in an opening speech during the Algerian-Turkish Economic Forum in the capital, Algiers.
Zitouni highlighted the positive Algerian-Turkish relations through economic decision-making and trade cooperation, considering them deeply rooted in history.
He noted that economic cooperation has gained momentum in recent years since 2020, reaching USD 6.3 billion in trade last year.
He emphasized that the trade level between the two countries is still weak compared to the political relationship and the available potential, calling for deepening the partnership, especially in promising sectors like agriculture, plastics industries, tourism, and services.
Zitouni urged Turkish and Algerian institutions to enter the African market, which connects them as a free zone, noting that it offers revenues worth USD 3 trillion, mentioning Algeria's aim to achieve African integration through important projects such as the Trans-Sahara Highway and the establishment of five free trade areas.
On his side, Turkish Minister of Trade Omer Bolat said in his speech that Turkiye is working to increase trade volume with Algeria to USD 10 billion in 2026, revealing discussions with the Ministry of Trade regarding preferential and customs trade agreements.
He mentioned Turkiye's participation in the Algiers International Fair, with approximately 51 Turkish pavilions, while noting that the number of flights between Algeria and Turkiye has doubled from 35 to 80 flights per week.
Earlier today, the forum kicked off under the co-chairmanship of Zitouni and Bolat.
According to the organizers, this meeting includes the participation of 300 Algerian economic traders from both the public and private sectors, as well as more than 200 businessmen and heads of institutions from Turkiye.
This economic event aims to give a new impetus to Algerian-Turkish economic partnership and explore business and investment opportunities between both sides.
During this forum, bilateral business meetings are expected to be organized between heads of Algerian and Turkish institutions active in various fields, especially industry, energy, mines, renewable energies, public works, and infrastructure.
A Turkish delegation, including businessmen and heads of institutions, led by Turkish Vice President Fuat Oktay, arrived in Algeria yesterday as part of this participation. (end) mr

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