JEDDAH: During a high-level event in Algiers, CEOs and officials from Saudi Arabia and Algeria inked a number of agreements to increase trade and investment. According to the Saudi Press Agency, the Saudi-Algerian Business Forum, which took place in the Algerian capital on April 20, included in-depth talks on strengthening bilateral economic cooperation in a variety of industries, including manufacturing, tourism, agriculture, and construction.
This occurs while Saudi Arabia and Algeria continue their long-standing diplomatic and economic relations, which are based on their membership in OPEC and the Arab League. The two countries’ trade has been increasing gradually, and Saudi Arabia is now Algeria’s main supplier of plastics, petrochemicals, and industrial commodities. Abdullah bin Nasser Al-Busairi, the Saudi ambassador to Algeria, spoke at the forum’s inauguration and characterised the economic gathering as a major factor in enhancing bilateral relationships, emphasising the dedication of both nations’ leaders to expanding their connections in all areas.
In light of the encouraging signs of commerce between the Kingdom and Algeria, which totals around $1 billion, he said that “the forum is an opportunity to discuss joint cooperation,” according to SPA. “Calling on Saudi investors to explore the opportunities available in the Algerian market, in light of the guarantees and benefits provided by the new investment law,” Al-Busairi emphasised the noteworthy rise of Saudi investments in Algeria, especially in the food and pharmaceutical industries.
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