ABU DHABI, — The economic partnership between Algeria and the United Arab Emirates (UAE) have taken a new step forward with the holding of the first Algerian-Emirati Business Forum in Abu Dhabi, where new investment opportunities have been identified.

Decided during the 13th session of the High Joint Commission, held in Dubai last November, the holding of the first session of the Forum here Sunday was an opportunity for economic operators of the two countries to examine possibilities of common projects.

Four main areas have been identified to boost Emirati investments in Algeria, especially in the industrial sector, in which Emirati businesses are already present through partnership agreements with three companies — the Algerian Mercedes-Benz Truck manufacturing plant in Rouiba, the Algerian Mercedes-Benz vehicle manufacturing plant in Tiaret and the Algerian Mercedes-Benz, Deutz and MTU engine manufacturing plant at Oued Hamimine in Constantine.

In addition, a new Algerian-Emirati steel production and processing plant will be commissioned soon in Relizane. This project, involving an investment of 300 million US dollars, will produce one million tonne of steel a year.

In order to boost their industrial partnership in the food-processing field, Algeria and the UAE signed an agreement Sunday between the Algerian public group AGRODIV and the Emirati Elite Agro company for the development of pilot farms for the production of cereals, fruits, vegetables and fodder.

The two sides also intend to strengthen their partnerships in the fields of tourism and renewable energies, in which the UAE has acquired great expertise. In order to achieve these projects, it was agreed Algiers and Abu Dhabi should guarantee the best possible business climate to encourage investment.

In this regard, Algerian Minister of Industry and Mining Abdesselam Bouchouareb expressed the readiness of the Algerian authorities to “lift all obstacles” to Emirati investments in Algeria.

He said President Abdelaziz Bouteflika had given instructions for the development of economic co-operation between Algeria and the UAE.

UAE Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al-Nahyan, who received Bouchouareb, expressed his country’s willingness to strengthen its economic partnership with Algeria.

Their vision is shared by businessmen of the two countries, who seek to work in mutually beneficial projects.

Source: Name News Network