Egypt looks forward to launching regular maritime line with Algeria to boost trade: PM at joint business forum

CAIRO – 30 June 2022: Prime Minister Mostafa Madbouli said Egypt looks forward to launching a regular maritime line between Egyptian and Algerian ports to boost trade.

Madbouli made the remarks as he and his Algerian counterpart, Aimene Benabderrahmane, chaired on Thursday the joint Egyptian-Algerian Business Forum held under the theme: “Algeria-Egypt: common history and denominators in the service of the promising economic partnership”.

The meeting was attended by the delegations of the two countries, officials of the trade and industry chambers, and private sector representatives from both countries.

 

The recent agreement between Egypt and Tunisia to work on launching a regular maritime line to move goods between the two countries makes us also keen to launch a regular maritime line between Egyptian and Algerian ports, Madbouli said.

He added that the officials in the two governments have discussed concerns related to the requirements of the private sectors regarding facilitating movement of goods and flow of capitals between the two countries.

Mutual understandings have been reached between Egypt and Algeria to boost trade exchange between the two countries in a way that suits their production capacities and huge markets taking into consideration the infrastructure and modern transport means that the increase in trade requires.

 

Egypt aims to increase the share of private sector investments in total general investments from 30 percent currently to 65 percent during the next three years, Madbouly said, adding that Algeria’s private sector, therefore, has promising, diverse, and profitable opportunities in the Egyptian market.

Madbouli also urged Egyptian private sector representative to increase their investments and partnerships in Algeria to make use of the opportunities in the Algerian market.

The Egyptian premier affirmed the need for both the Egyptian and Algerian sides to double the volume of trade exchange between the two countries in the near future.

During the forum, Algerian Minister of Trade and Export Promotion Kamal Rezik said trade exchange with Egypt amounted to $787 million in 2021.

 

On Wednesday, Egypt and Algeria signed 13 cooperation agreements and memorandums of understanding during the eighth round of the Higher Egyptian-Algerian Committee held under Madbouli and Benabderrahmane after eight years of hiatus.

The cooperation deals and memos covered the fields of industry, trade, endowments, water resources management, higher education, scientific research, small and medium sized enterprises, bourse, investments, exports.

A memorandum of understanding was also signed between the Egyptian and Algerian institutes for diplomatic studies.

Madbouli said on Wednesday it is of the better interest for both Egypt and Algeria to achieve integration in order to set up a joint productive and industrial base serving the region.

He expressed confidence that both countries are capable of achieving such an integration as they both possess human and material potentials.

During the committee, Benabderrahmane said Egypt and Algeria have a lot of achievements in different domains including energy, trade and investment, adding that this made Egypt the second trade partner to Algeria and the third partner in the field of investments.

There are 25 Egyptian projects in Algeria in the sector of petrochemicals, communications, electric cables, construction and agricultural services.

He lauded the Egyptian-Algerian businessmen council and efforts to deepen cooperation between the chambers of commerce and industry of both countries.

Madbouli for his part said the private sector should play a greater role in boosting Egyptian-Algerian trade and investment cooperation, especially under the exceptionally difficult circumstances the world is witnessing.

These conditions make it incumbent upon all of us to unite, cooperate, and work hard for achieving integration, Madbouli added.

He further stressed that the committee should convene on a regular basis, especially in light of the great importance Sisi and Algerian President Abdelmadjid Tebboune give to fostering cooperation between the sisterly Arab nations.