RIYADH, SAUDI ARABIA – The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at enhancing trade and investment.
The agreements covered trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.
The agreements were signed on Thursday by the Federation of Saudi Chambers (FSC), the Council for Algerian Economic Renewal (CREA) as well as Saudi and Algerian companies.
During the forum, Algerian Minister of Trade and Export Promotion Tayeb Zitouni highlighted the new Algerian investment law, saying it removes all obstacles that previously hindered investors.
He also said that the current Saudi-Algerian trade volume, estimated at around US$837 million, does not reflect the aspirations and investment opportunities available in both the countries.
Bader Suliman Alreziza, Vice Chairman of the FSC, said that the establishment of the Saudi-Algerian Supreme Coordination Council and the two countries’ joint committee and business council significantly boosts their economic relations.
The first license for an Algerian company in the Kingdom was issued in 2010, Alreziza said, adding that the Algerian investment licenses now total 18.