Jordan, Algeria lay groundwork for new economic cooperation phase

[05-12-2022 02:21 PM]

Ammon News - His Majesty King Abdullah II and Algeria President Abdelmadjid Tebboune established a new phase of bilateral cooperation, which will provide broader horizons for trade and investment relations between the two countries following King Abdullah's recent visit to Algiers.

His Majesty and President Tebboune instructed the governments to take the necessary steps to encourage investors and business owners to explore the investment and commercial opportunities in both countries and to forge ahead with related agreements, underscoring the expansion of collaborations in the sectors of health care, energy, medical tourism, hotels, transportation, aviation training, higher education and cultural exchange between universities.

Economists have praised the outcomes of His Majesty's visit to Algeria, which will reflect on the future of economic relations and develop trade and investment exchange.

They told the Jordan News Agency (Petra) about the need for a direct Jordan-Algeria flight and the facilitation of visa issuance to bring in stakeholders to the two countries.

Jordanian investment in Algeria has gradually increased over the past two decades, said Senator Mazen Darwazah, adding that the drug industry's expenditure, for example, has almost reached a billion dollars employing more than 4,000 workers.

The Jordanian-Algerian Business Council's Coordinator, Khaled Soub, called for a maritime trade route to boost trade so it can "meet aspirations."

He said the Algerian investment law grants privileges to foreign investors, allowing Jordanian investors to expand their projects and acquire shares from foreign partners.

Energy expert Hashem Akel said the volume of Jordanian-Algerian trade exchange is "very small" and that concerned authorities are "derelict" in promoting Jordanian industries.

Algeria is a country rich in petrol and natural sources, he added, hoping that energy imports from Algeria would further expand after granting Jordan preferential prices.

Trade exchange between the two countries amounted to JD140 million from the start of 2022 until the end of last September, of which JD53 million were Jordanian exports of medicines, fertilizers, and pesticides.

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