UAE, Algeria to advance economic cooperation

Abu Dhabi, The Gulf Observer: The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship of Abdullah bin Touq Al Marri, Minister of Economy, and Algerian Minister of Industry, Ahmed Zaghdar, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

“The late Sheikh Zayed bin Sultan Al Nahyan and President Houari Boumédiène created frameworks of brotherhood and partnership that have proved to be the real foundation of the UAE-Algeria relations’ firmness,” said the UAE minister of economy.

“Economic cooperation is one of the major pillars of the two countries’ solid ties, and non-oil trade between the two sides has recovered from the effects of the Covid-19 pandemic, growing 14 % from $701 million in 2020 to around $800 million by the end of 2022 . We look forward to working together over the coming stage, particularly through the programmes of this committee, to increase our trade exchanges above the one billion dollar level reported in 2019.”

Algerian Minister of Industry said that this meeting of the committee reflects the sincere political will of the leadership of the two countries and their firm determination to advance relations and cooperation to the level of strategic partnership, in a way that achieves their common interests and aspirations for further development and advancement.

For his part, Dr. Al-Zeyoudi said the UAE is one of Algeria’s major Arab trading partners in 2021, accounting for nearly 20% of Algeria’s trade volume with Arab countries and ranking first in the Gulf with a rate of more than 40% of Algeria’s trade with GCC states. He added that the UAE’s investment inflows to Algeria amounted to around $600 million by the end of 2021.