Both Algeria and Turkey are working to establish a bloc to contribute to the economic take-off and development of the two countries, and to build relations in order to enhance trade and investment exchange between Algerian and Turkish companies.

The head of the Economic Affairs, Development, Industry, Trade and Planning Committee of the National People’s Assembly, Tewfiq Garrache, explained during a meeting with the head of the Algerian-Turkish Business and Investment Forum, Mr. Mohamed Ibrir, on Wednesday, that Algeria has embarked on a set of reforms in light of international changes that have had direct repercussions on the economies of countries and in view of… to development requirements.

The same official referred to what was already enshrined in the Investment Law issued in July 2022, which is considered an integrated legal system that enshrines investment freedom and equality between local and foreign investors and ensures that they are accompanied in implementing their projects and benefiting from various incentives and facilities.

The Chairman of the Committee also highlighted the profound reform of the monetary and banking law aimed at accompanying economic transformations in order to improve the investment environment and increase its attractiveness, especially after the forward-looking vision of the Algerian economy was crystallized.

Mr. Garrache referred to the level of cooperation relations between Algeria and Turkey, which witnessed a qualitative leap, especially after the official visits exchanged between the presidents of the two countries, which resulted in the signing of several agreements and memorandums of understanding covering various areas of cooperation between the two countries.

The Chairman of the Committee expressed hope that the forum would give a strong impetus to scaling up the economic partnership between the two countries, especially since Algeria is Turkey’s second trading partner in Africa, with trade exchanges exceeding 6 billion dollars.

On the other hand, Mr. Ibrir stressed that the forum is a non-governmental, non-profit association accredited in Turkey that seeks to contribute to the economic take-off and development of the country through the establishment of a bloc that includes Algerian businessmen, seeking to weave relations between the two countries in order to enhance trade and investment exchange between Algerian and Turkish companies..

The president of the forum stated that the bloc will contribute to promoting the Algerian product in addition to transferring and benefiting from Turkish experience and skill in various fields, adding that the forum is working hard to raise the challenge of achieving a balance of opportunities between Algerian and Turkish companies in both countries.

Wissam Koudache / English Version: Med.B