UAE-Algerian investment forum kicks off

The UAE-Algerian Investment Forum opened here today in the presence of Sultan bin Saeed Al Mansouri, Minister of Economy, Abdessalem Bouchouareb, Algerian Minister of Industry and Mines, Saleh Attiyah, Algerian Ambassador to the UAE, Mohammed Thani Murshid Al Romaithi, Chairman of the Chambers Federation and also of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), senior officials and investors.

Al Romaithi welcomed the participants and expressed the hope that the forum's outcome would match the keen expectations that President His Highness Sheikh Khalifa bin Zayed Al Nahyan and President Abdelaziz Bouteflika of Algeria have from this event.

Al Mansouri praised the deep-rooted UAE-Algerian relations which date back to 1974. He noted that trade between the two countries reached AED3.6 billion in 2015.

He also said the UAE emerged as one of the key investors in Algeria with current investments accounting for US$9 billion.

The Algerian minister said his country was witnessing an unprecedented economic growth that enabled it to write off its external debts. He added that the government managed to reduce unemployment rate from 30 percent in 2000 to 10 percent in 2015, while the country's Gross Domestic Product reached US$230 billion.

Mohammed Hilal Al Muhairi, Director General of the ADCCI, said the forum is aimed at promoting investment opportunities in the UAE and in Algeria.
Source:WAM