The Qatari Businessmen Association meets with the Algerian Chamber of Commerce and Industry To launch the joint Qatari Algerian Business Council
The Qatari Businessmen Association held a virtual meeting with the Algerian Chamber of Commerce and Industry to launch the Joint Qatari-Algerian Business Council. The meeting was attended by H.E. Mr. Ali Al-Kuwari, Minister of Commerce and Industry in the State of Qatar, and H.E. Mr. Kamal Raziq, Minister of Commerce in The People’s democratic Republic of Algeria, in addition to the participation of the ambassadors of both countries, H.E. Dr. Mustafa Boutoura, the Algerian ambassador to the State of Qatar, and H.E. Mr. Hassan bin Ibrahim Al-Maliki, the Ambassador of the State of Qatar to Algeria.
The business council was chaired from the Qatari side by Sheikh Faisal bin Qassim Al Thani, Chairman of the Qatari Businessmen Association, and from the Algerian side, Mr. Kamal Mola, head of the business council.
The meeting came as part of the QBA's efforts to communicate with similar economic institutions around the world in order to discuss opportunities for economic cooperation during the current global crisis and to consolidate ties to identify and benefit from global experiences and discuss proposed solutions to support private sector companies and institutions.
Participants of the meeting from the Qatari Businessmen Association included QBA Board members Sheikh Nawaf bin Nasser Al Thani, and Mr. Saud bin Omar Al-Mana, as well as QBA members, Mr. Nasser Sulaiman Al-Haidar, Mr. Nabil Abu Issa, Sheikh Faisal bin Fahad, Mr. Abdullah Al-Kubaisi, Mr. Ramez Al-Khayyat, Mr. Maqbool Habib Khalfan, Mr. Ihsan Al-Khayimi, and the representative of Qatar Chamber of Commerce and Industry, Mr. Saeed Ibrahim Bougharbia, Acting Chief Executive Officer of Qatar General Insurance and Renaissance company also participated, in addition to Mrs. Sarah Abdullah, Deputy General Manager of the Qatari Businessmen Association.
The meeting began with a speech by His Excellency Mr. Ali Al-Kuwari, the Minister of Commerce and Industry of the state of Qatar, during which he highlighted the strength of relations between the two countries, referring to the historic visit of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, may God protect him, to Algeria in February 2020, which contributed to the consolidation of cooperation between The two countries at all levels, especially the economic and investment levels, pointing out that the volume of trade exchange between the two countries, in the year 2020, amounted to about $ 36.13 million.
H.E. added that investment cooperation witnessed great progress following the establishment of the "Algerian-Qatari Steel" company in Algeria, noting that it is considered one of the most important joint projects in the region and its investment cost exceeded $ 2 billion. The State of Qatar is one of the largest investors in the Republic of Algeria with a rate of 74.31% from foreign investment.
His Excellency Mr. Kamal Raziq, Minister of Commerce in the State of Algeria, gave a speech in which he praised the positive steps taken by Algeria to establish a policy of sustainable development, attract foreign investment and develop entrepreneurship through the amendment and introduction of a set of laws and legislative texts that would support and organize national economic activities and was developed in accordance with international standards.
Mr. Raziq also spoke about the economic relations between Qatar and Algeria and said, "The State of Qatar is the eleventh partner of Algeria at the Arab level, as the volume of trade exchange between the two countries during the last five years amounted to about 344.8 million US dollars, while the share of Algerian exports is amounted to about 25.75 million US dollars, and Algerian imports during the same period amounted to 319.05 million US dollars.
He added, "Although these statistics do not reflect the capabilities of the two countries, today I am sure that there are important opportunities waiting for us, especially in the field of trade and investment.”
For their part, H.E. Dr. Mustafa Boutoura, the Algerian ambassador to the State of Qatar, and His Excellency Mr. Hassan bin Ibrahim Al-Maliki, Ambassador of the State of Qatar in Algeria, delivered welcoming speeches in which they expressed their happiness to participate in this meeting and witness the activation of the Joint Qatari-Algerian Business Council. His Excellency Dr. Mustafa Boutoura, the Algerian ambassador to the State of Qatar, said in his speech that holding this meeting and activating the Business Council in light of these difficult circumstances, represents a great step for strengthening the bilateral relations between the two countries by offering cooperation and partnership opportunities. In his welcoming speech, His Excellency Mr. Hassan bin Ibrahim Al-Maliki, Ambassador of the State of Qatar to Algeria, spoke about the need to create a platform for exchanging views and discussing investment opportunities in the two countries in order to support each other to overcome the consequences of the current global crisis.
In his speech, Sheikh Faisal bin Qassim Al Thani delivered his felicitations on the occasion of the blessed month of Ramadan, expressing his happiness for the launch of the Qatari-Algerian Business Council, which is an important step in strengthening Qatari-Algerian relations, achieving more economic and commercial cooperation and enhancing mutual investments between the two countries. He said "Today we are facing a global crisis that requires serious cooperation between private sector institutions and businessmen around the world in order to support our countries' efforts to overcome the consequences of this crisis,", adding, "We, in the State of Qatar value our economic partners around the world and view the Algerian market as a market full of Investment opportunities in the different sectors”
Sheikh Faisal continued his speech saying, “We are also witnessing a great economic openness supported by the attractive investment incentives provided by the state to the foreign investor, such as the new investment law that allows 100% ownership in most economic sectors, in addition to logistical elements such as the single window, free zones, Hamad International Airport, and Hamad Port. Therefore, we invite Algerian investors to take advantage of the promising investment opportunities provided by the Qatari economy, and to work side by side to achieve common economic interests.”
For his part, Mr. Kamal Mola, Chairman of the Business Council from the Algerian side, spoke about the importance of the Joint Business Council, using the saying "in the union is strength", expressing his country's interest in strengthening cooperation with Qatar, both commercially and in investment, to include all areas, especially that the two countries have distinguished relations and share many futuristic plans such as Economic diversification. He also added that Algerian companies are strong, competitive and have many capabilities that enable them to access large markets. Mr. Mola also talked about the steps taken by Algeria to create an investment climate, attract foreign investors and pay attention to different sectors that may represent opportunities for bilateral cooperation such as industry, tourism, agriculture and industrial food.
After these interventions, companies from both sides introduced themselves. On the Algerian side, the Algerian companies presented the sectors they represent, such as food industries, agricultural products, tourism and transportation, contracting, import and export of various products, transfer and export of dates and cosmetics. As for the Qatari side, it also defined its companies and the sectors they represent, such as food industries, contracting, hospitality, retail, banking and financial services.
The participants also talked about the possibility of exchanging information on projects and possible investment opportunities to be studied by both sides, as the Algerian National Agency for Investment Development provided a brief presentation on investment opportunities, which included the sectors of agriculture, pharmaceutical industries, tourism, renewable energy, and communication technology. Also, The measures that have been taken in order to encourage investment, such as non-retroactivity of laws, protection through international agreements, institutional appeals, guaranteeing the transfer of profits, the possibility of assigning assets, and the cumulative utilization of various support systems, were presented.
Concluding the meeting, Mr. Chaibab Tayeb, Vice President of the Algerian Chamber, thanked everyone for this meeting and pointed out the need to establish an air and navigation lines between the two countries to increase trade movement, stressing that launching the joint business council in light of the current crisis is an affirmation of the strength of relations and solidarity of both sides in order to overcome the crisis together.
At the end of the meeting, all parties valued the continuous efforts of the business sector to maintain effective communication, and QBA Chairman, Sheikh Faisal, extended an invitation to meet with the members of the Council immediately after the crisis ends, wishing everyone stay safe and in good health.