Qatar’s Minister of Commerce and Industry HE Ali bin Ahmed Al Kuwari has reaffirmed the country’s strong relations with Algeria, noting that economic and investment cooperation between the two countries has advanced significantly in recent years.
Addressing the Qatari-Algerian Business Council’s first virtual meeting, Mr. Al Kuwari has highlighted the “strength and durability” of relations between the two countries, referring to the historic visit of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani to Algeria in February 2020, a visit that has contributed to consolidating Qatari-Algerian co-operation at all levels, especially economically and also in terms of investment.
His Excellency stated that investment cooperation has progressed significantly since the establishment of the Algerian-Qatari Steel Company in Algeria, noting that it is one of the region’s most important joint ventures, with an investment cost exceeding $2 billion.
Qatar is one of the largest investors in Algeria, with a rate of 74.31 percent of the volume of foreign investments. Furthermore, the bilateral trade between Qatar and Algeria stood at $36.13 million in 2020, as per the statement.
“Qatar has devised a solid strategy to support the strength of the national economy by providing financial and economic incentives to the private sector, as well as by providing various exemptions to protect entrepreneurship and SMEs. Qatar had sought to strengthen the partnership between government agencies and the private sector, due to its belief in the private sector’s pivotal role in implementing programs aimed at achieving economic recovery and supporting Qatar’s march to meet the goals under its 2030 Qatar National Vision. The State had moved forward in terms of maintaining investment stimulation. Qatar has developed the business environment and has put in place legislative and regulatory frameworks that allow foreign investors full ownership in various sectors, as well as in different economic and commercial activities.”
Mr. Al-Kuwari has further emphasised that the first meeting of the Qatari-Algerian Business Council was a significant event that would have a “positive” impact on the amount of trade and investment between the two countries.
The Qatari-Algerian Business Council was attended by Minister of Commerce of the People’s Democratic Republic of Algeria Kamel Rezig, Ambassador of the State of Qatar to Algeria Hassan bin Ibrahim Al Malki, Algerian Ambassador to the state Dr. Mustafa Boutoura, and several businessmen from the two countries.