UAE Economy Minister, Algerian Ambassador Discuss Economic Cooperation

Sultan bin Saeed Al Mansouri, Minister of Economy, has met with Saleh Attiya, Ambassador of Algeria to the UAE, to discuss ways of boosting economic and trade cooperation between the two countries.

Al Mansouri reiterated the UAE’s keenness to develop bilateral relations with Algeria for the benefit of the two countries and their peoples.

He also commended the important role that the UAE-Algeria Joint Committee plays in advancing relations and exploring opportunities for cooperation in vital sectors.

The meeting, held at the Ministry of Economy (MoE) in Abu Dhabi, was attended by Jamal Al Jarwan, Secretary-General of UAE Companies Investing Abroad Council, and Tareq Al Marzooqi, Director of Government Communication at the MoE, The joint committee recently held a meeting in Abu Dhabi that was headed by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister of the UAE, and attended by a number of senior officials who witnessed the signing of several landmark Memorandums of Understanding between the two countries.

The minister of economy said Algeria is an important strategic partner of the UAE, with non-oil trade between the two countries rising from US$423.9 million in 2013 to US$ 493.2 million in 2014, a 14% year-on-year growth. He added that while the figures are certainly significant, there are several opportunities that still need 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.

Minister Al Mansouri went on to note that there are several promising sectors that offer rewarding opportunities to boost joint investments, especially industry and renewable energy sectors. He added that 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.

The Algerian ambassador to the UAE commended the development of bilateral relations especially in the economic, trade and investment domains, saying 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.

Ambassador Attiya also 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.

The ambassador praised the significant role of the UAE investments in the development of Algeria and welcomed UAE-based aviation companies' investments in Algeria. He also 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.