Turkey has emerged as Algeria’s leading foreign investor in non-hydrocarbon sectors, with trade between the two nations amounting to billions of dollars. Both countries are working to deepen their economic ties further.
This was highlighted by Algeria’s Ambassador to Turkey, Amar Belani, during the first Algerian-Turkish Forum, held in Istanbul on November 23. The event brought together key officials, including Turkish Trade Minister Omer Bolat, along with businessmen, economists, and academics from both countries.
Growing Economic Partnership
In his opening remarks, Ambassador Belani emphasized the significance of Turkey’s investments in Algeria. He noted that the forum aims to explore ways to strengthen economic cooperation, aligning with the vision set by the presidents of both nations.
Relations between Algeria and Turkey have been labeled “strategic,” especially following Turkish President Recep Tayyip Erdogan’s visit to Algeria in November 2023. According to Belani, economic ties have grown steadily since 2020, with Turkey becoming the top foreign investor in Algeria outside the hydrocarbon sector.
More than 1,700 Turkish companies now operate in Algeria, and trade between the two countries reached $6.3 billion in recent years. Both nations are aiming to increase this figure to $10 billion in the near future.
A Call for More Investments
To achieve this goal, Ambassador Belani encouraged Turkish businesses to seize investment opportunities in Algeria. He highlighted recent reforms introduced by Algerian President Abdelmadjid Tebboune, which offer incentives and guarantees to both local and foreign investors.
These reforms aim to establish productive, mutually beneficial partnerships. Belani emphasized the vast potential of the Algerian market, describing it as a prime destination for investors.
Turkey’s Commitment to Algeria
Turkish Trade Minister Omer Bolat echoed these sentiments, noting that Algeria is Turkey’s top investment destination in Africa. He praised Algeria’s support for Turkish investors, which includes facilities and assistance designed to foster collaboration.
Bolat reiterated Turkey’s commitment to strengthening its presence in Algeria and working together to expand into international markets.
With both nations eager to boost trade and investment, their partnership is set to grow even stronger in the years to come.
Comentarios