Qatar is the largest Arab investor in Algeria, says Tayeb Chaibab

Algiers, TGO: Algerian Chamber of Commerce and Industry President Tayeb Chaibab said that Qatar is the largest Arab investor in Algeria and accounts for 74 percent of all foreign investments in Algeria, noting that the recent period witnessed a significant increase in the volume of trade exchange between the two countries.

Tayeb Chaibab said that there is a desire to expand the volume of investments between the two countries, especially in the field of petrochemicals, adding that there is a great similarity in the investment climate between the two countries, which would create strong medium partnerships.

Chaibab indicated that the first half of this year will witness a number of meetings between the Qatari and Algerian sides, to discuss ways to enhance cooperation and give the Qatari-Algerian partnership a strong impetus, especially since Qatar is an important economic partner for Algeria.

He praised the great role played by the Qatari-Algerian Joint Business Council, pointing to the remarkable increase in the volume of joint investments between the two countries, where there are currently about 115 joint Qatari-Algerian companies, and investment cooperation witnessed great progress following the establishment of the Algerian Qatari Steel company in Algeria, stressing it is considered one of the most important joint ventures in the region, with an investment cost exceeding $2 billion.

He added that Ooredoo also has about 12.9 million Algerian subscribers, and partnerships between the two countries can be expanded to include other sectors, most notably agriculture, tourism, real estate and sports.

He stressed that these statistics do not reflect the enormous potential of the two countries and that he is certain that there are important investment opportunities between the two countries, especially in the field of trade and investment.

He expressed his hope to achieve more economic and commercial cooperation between the two countries, which would contribute to the promotion of mutual investments, especially since the past period witnessed positive steps taken by Algeria to establish a policy of sustainable development and attract foreign investments and the development of entrepreneurship by amending and introducing a number of laws and legislative texts that would support and regulate national economic activities and develop them in accordance with international standards.