Jordan, Algeria lay groundwork for new economic cooperation phase

Jordan  Algeria
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AMMAN — His Majesty King Abdullah and Algeria President Abdelmadjid Tebboune have reached a new phase in bilateral cooperation, which will help boost trade and investment, following King Abdullah’s recent visit to Algiers, the Jordan News Agency, Petra, reported.اضافة اعلان

King Abdullah and Tebboune instructed their governments to take the necessary steps to encourage investors and business owners to explore the investment and commercial opportunities in the two countries, and to forge ahead with related agreements, underscoring the need to expend collaboration in the healthcare, energy, medical tourism, hotels, transportation, aviation training, higher education sector, and of cultural exchange between universities.

Economists have praised the outcome of His Majesty’s visit to Algeria, which will reflect on the future of economic relations, and help boost trade and investment.

They also stressed the need for direct Jordan-Algeria flights and to facilitate visa issuance to give stakeholders access to the two countries.

Jordanian investments in Algeria have gradually increased over the past two decades, according to Senator Mazen Darwazah, who said that the pharmaceutical industry’s expenditures, for example, have almost reached $1 billion and the industry employs more than 4,000 workers.

The Jordanian-Algerian Business Council Coordinator Khaled Soub called for a maritime trade route to boost trade so it can “meet the aspirations” of the two sides. He said the Algerian investment law grants privileges to foreign investors; it would enable Jordanian investors to expand their projects and acquire shares from foreign partners.

Jordanian Businessmen Association (JBA) President Hamdi Tabbaa said on Monday that King Abdullah’s visit to Algeria will open “new horizons” for investment, trade, and economic cooperation between the two countries.

He said in a press statement that King Abdullah is keenly interested in promoting Jordan as a regional hub for business and investment during his visits to various world countries, and stressed that that Jordanian-Algerian relations are “solid and distinguished”.

Tabbaa pointed to the diverse investment opportunities within promising sectors of common interest, highlighting existing joint investments in the pharmaceutical industry, a key Jordanian export to Algeria, and saying that the Jordanian business community looks forward to positive outcomes from the visit.

The JBA, in cooperation with the National Confederation of Algerian Employers, held the Jordanian-Algerian Investment Forum in August, which tackled prospects for cementing economic ties, launching joint ventures, and helping business communities of both countries network, he said.

Meanwhile, energy expert Hashem Akel said that the volume of Jordanian-Algerian trade exchange is “very small” and that concerned authorities are slow to promote Jordanian industries.

Algeria is a country rich in petrol and natural sources, he said, expressing hopes that energy imports from Algeria would further increase after the North African nation grants Jordan preferential prices.

Trade exchange between the two countries amounted to JD140 million from the start of 2022 until the end of last September, with Jordanian exports of medicines, fertilizers, and pesticides accounting for JD53 million.

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