Qatar-Algeria trade ties strong, says minister

Tribune News Network Doha Minister of Commerce and Industry HE Ali bin Ahmed Al Kuwari and Algerian Minister of Commerce Kamel Rezig participated in the pr...

Tribune News NetworkDohaMinister of Commerce and Industry HE Ali bin Ahmed Al Kuwari and Algerian Minister of Commerce Kamel Rezig participated in the proceedings of the Qatari-Algerian Business Council’s first meeting convened virtually on Thursday.The Qatari-Algerian Business Council is co-chaired by Qatari Businessmen Association Chairman Sheikh Faisal bin Qassim Al Thani from the Qatari side and Kamel Mola from the Algerian side.Delivering an opening speech on the occasion, Kuwari highlighted the strength and durability of relations between the two countries. Referring to the historic visit of His Highness the Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani to Algeria in February 2020, he said, “It was a visit which has contributed to consolidating Qatari-Algerian cooperation at all levels, especially economically and in terms of investment.”The volume of trade exchange between the two countries in 2020 amounted to about $36.13 million, the minister said.He said that investment cooperation between the two countries has progressed very well following the establishment of the Algerian Qatari Steel Company in Algeria. With an investment cost exceeding $2 billion, the minister said, Algerian Qatari Steel is one of the most significant joint projects in the region.Qatar is one of the largest investors in Algeria with Qatari investments comprising 74.31 percent of foreign investments there, he said. About the Qatari economy, the minister said, “Qatar has devised a solid strategy to support the strength of the national economy by providing financial and economic incentives to the private sector, as well as by providing various exemptions to protect entrepreneurship and SMEs.”He further added that Qatar had sought to strengthen the partnership between government agencies and the private sector, due to its belief in the private sector’s pivotal role in implementing programmes aimed at achieving economic recovery and supporting Qatar’s march to meet the goals under its 2030 Qatar National Vision.He indicated that the State had moved forward in terms of maintaining investment stimulation. To this end, he said, Qatar has developed the business environment and has put in place legislative and regulatory frameworks that allow foreign investors full ownership in various sectors, as well as in different economic and commercial activities. Additionally, Qatar has provided significant investment benefits and incentives that have instilled Qatar’s leading position on the global investments map, he said.The first meeting of the Qatari-Algerian Business Council is an important event that will positively affect the volume of trade and investment exchange between the two countries, he said.Kuwari called on businessmen from both sides to benefit from the investment opportunities available in the two countries and form new partnerships. The virtual meeting featured significant participation from the two countries. From the Qatari side, participants included Qatar’s Ambassador to Algeria HE Hassan bin Ibrahim Al Malki as well as a number of Qatari officials and businessmen.From the Algerian side, participants included Algerian Ambassador to Qatar HE Mustafa Boutoura and a number of officials and representatives of Algerian companies.