Egypt, Algeria sign 12 agreements to boost industrial, investment ties

Ahram Online , Thursday 30 Jun 2022

Egypt and Algeria signed 12 agreements in the fields of industry, investment, and exports, Algerian Prime Minister Ayman Ben Abdelrahman said on Wednesday at a press conference with his Egyptian counterpart Mostafa Madbouly, currently on a visit to Algeria.

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Egyptian Prime Minister Mostafa Madbouly (L) and his Algerian counterpart Ayman Ben Abdelrahman during a press conference on Wednesday 29 June 2022 (photo: the Egyptian Cabinet Facebook page)

 

The agreements include small and micro-sized enterprises, water resources, employment, higher education and scientific research, diplomatic training, environment, youth and sports, and endowments and Islamic affairs.

The accords were signed during the meeting of the eighth round of the joint higher committee in Algiers. The meeting was attended by Egyptian and Algerian ministers and officials, including the ministers of energy, higher education, housing, and trade.

 

During the meeting, the two parties agreed on completing ongoing projects and exploring other horizons for partnership and investment, Ben Abdelrahman said.

 

Madbouly stressed the importance of charting new trade routes to facilitate the transfer of goods between the two countries other than the land route passing through Libya due to the current tensions there, according to a statement released by the Egyptian cabinet following the meeting.

 

Meanwhile, the Egyptian-Algerian Businessmen Forum is set to convene later on Thursday with the participation of Madbouly, Abdel Rahman, and a host of Egyptian and Algerian businessmen.

 

The Algerian PM said he hopes the forum will achieve "a real leap" in Algerian-Egyptian partnership.

 

Madbouly stated the forum will serve as the executive arm of a host of joint projects that Egypt and Algeria seek to launch before the end of 2022, noting that both governments encourage their respective private sectors to engage in a set of investments.

 

"It is in the interest of our two countries to integrate together so that we have a common industrial and production base that serves our regional environment, whether Europe or Africa," Madbouly stressed.

Madbouly stressed earlier on Wednesday the importance of finding alternative trade routes with Algeria to facilitate goods’ shipping between the two countries rather than the land route passing through Libya amid current circumstances there.

He said that the regular maritime trade route between Egypt and Tunisia, which both countries agreed to place under study, could be extended to reach the Algerian ports.

The Egyptian PM urged boosting Egyptian-Algerian trade exchange, stating that the current volume of trade exchange between both countries is “not in line with the production and export capabilities of our two countries and the needs of their markets”

Egypt and Algeria have been keen on cementing their relations at the political and economic levels over the past years, as well as coordinating on regional issues, including on Libya, Syria, and Palestine, and terrorism in Africa and the Arab world.

 

President Abdel-Fattah El-Sisi received his Algerian counterpart Abdelmadjid Tebboune in Egypt in January and said their talks focused on fostering political, economic, and commercial relations.

 

In 2021, Egypt’s non-oil exports to Algeria increased by 14 percent and commercial exchange bounced back by 15.4 percent to $1 billion after the pandemic, according to economic commentator Karim El-Omdain.

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