Thu, 11 Aug 2022

Algeria, Egypt vow to boost economic cooperation

01 Jul 2022, 07:44 GMT+10

ALGIERS, June 30 (Xinhua) -- Algeria and Egypt launched an economic forum here on Thursday to boost economic partnership, with the attendance of Algerian Prime Minister Ayman Benabderrahmane and his Egyptian counterpart Mostafa Madbouly.

In his opening address to the Algerian-Egyptian Economic Forum, Benabderrahmane hailed Egypt as "one of Algeria's most important Arab partners" in terms of investments and trade volumes.

The Algerian government "is working to modernize the banking and financial system and draw up a new investment law to respond to the concerns of domestic and foreign economic operators," he noted.

Madbouly, who was concluding his two-day visit to Algeria, said in a speech at the forum that Egypt, which has seen an improved business environment domestically through reforms, welcomes Algerian investors.

Egypt has taken measures to encourage private investments, including amending tax and investment laws, said the Egyptian premier.

The forum was also attended by business representatives of both countries.

Later on Thursday, Algerian President Abdelmadjid Tebboune met with the Egyptian delegations led by Madbouly in his office, discussing ways to boost economic ties and cooperation in various fields, state-run Algeria Press Service reported.

Madbouly, on behalf of the Egyptian president, invited Tebboune to attend the 27th session of the United Nations Climate Change Conference (COP27) held in Egypt later this year.

On Wednesday, the two countries inked 13 cooperation agreements under the framework of the 8th Higher Algerian-Egyptian Committee in Algiers, which cover the fields of industry, trade, investments, finance, water resources management, higher education, and scientific research.

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