(MENAFN Editorial) •Non-oil Trade Registered US$ 493.2 Million in 2014 Marking 14% Year-on-year Increase
•UAE Investments in Algeria Estimated at AED22 Billion
Abu Dhabi-UAE: 12 December 2015 - His Excellency Sultan bin Saeed Al-Mansouri Minister of Economy has met with His Excellency Saleh Attya Ambassador of Algeria to the UAE and discussed ways to boost economic and trade cooperation between the two countries.
Held in the Ministry of Economy’s offices in Abu Dhabi the meeting was attended by Jamal Al Jarwan Secretary General UAE Companies Investing Abroad Council and Tareq Al Marzooqi Director of Government Communication at the Ministry of Economy.
His Excellency Sultan bin Saeed Al-Mansouri confirmed the UAE’s keenness to develop bilateral relations with Algeria for the benefit of the two countries and their people. Al-Mansouri commended the important role played by the UAE-Algeria Joint Committee in advancing relations and exploring opportunities for cooperation in vital sectors. The Joint Committee recently concluded a meeting in Abu Dhabi that was headed by His Excellency Sheikh Abdullah bin Zayed Al Nahyan Minister of Foreign Affairs. Attended by a number of senior officials the meeting witnessed the signing of several landmark Memorandums of Understanding between the two countries.
The Minister of Economy said Algeria is an important strategic partner for the UAE. Non-oil trade between the two rose from US$423.9 million in 2013 to US$ 493.2 million in 2014 – marking a 14% year-on-year growth. He added that while the numbers were certainly significant there were several opportunities that still needed to be leveraged to further accelerate bilateral trade and improve collaboration - especially with mutual agreements on trade industry agriculture customs taxes and securities.
The Minister highlighted the important role of the private sector in bolstering the relations between the two countries by facilitating collaborations between business communities in the UAE and Algeria.
Al-Mansouri noted that there are several promising sectors that offer rewarding opportunities to boost joint investments. Among the most important ones are the industry and renewable energy sectors. Despite being one of the largest producers of oil and gas the UAE has also managed to emerge as a leader in renewable energy and is seeking to collaborate with other countries in this dynamic field.
His Excellency Saleh Attya Algerian Ambassador to the UAE commended the development of bilateral relations especially in the economic trade and investment domains and said that the UAE investments in Algeria include 17 major projects valued at AED22 billion. He added that future prospects of cooperation looked optimistic with both countries keen to augment bilateral relations.
The ambassador confirmed Algeria’s interest in establishing investment partnerships with the UAE saying that his country aimed to offer all necessary support to investors from the UAE. He praised the significant role played by the UAE investments in the development process of Algeria. Welcoming UAE-based aviation companies to invest in Algeria Attya urged the UAE’s carriers to open new cargo and passengers lines to Algeria to enhance trade and leisure opportunities.
The UAE and Algeria are joint signatories of around 40 agreements and MoUs spanning the economic investment tourism double taxation education judiciary agriculture environment maritime transport ports and aviation services sectors.