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Joint investment projects do not reflect economic potentials of two countries

 

ALGIERS- The Algerian-Saudi joint investment projects achieved between 2002 and 2015 do not reflect the economic potentials of the two countries, said Thursday in Algiers Minister of Industry and Mining Abdesslam Bouchouareb.

During a press conference, held jointly with Saudi Minister of Commerce and Investment Majid bin Abdullah Al Qasabi at the end of the 12th session of the Algerian-Saudi Joint Commission, Bouchouareb said that the 16 projects launched between 2002 and 2015 were worth US$ 416 million, a figure that does not reflect the capacities and the potentials of the two countries and their willingness to boost their partnership.

As regards the creation of a joint venture for the development, exploitation and the marketing of phosphate at the new mine of Djebel El Ank (Tebessa, 650km south of Algiers) between the Saudi holding company Radiola and Algeria's Asmidal, coming under the industrial mining group (MANAL), Bouchouareb said "it is too early to talk about the cost of the project."

"The agreement was signed yesterday (Wednesday) and the project will be thoroughly examined by an international engineering firm," he said.

Eight memorandums of understanding and partnership agreements signed Wednesday in Algiers between Algerian and Saudi companies during a business meeting.

 

Thursday, 16 February 2017

 

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