The Algerian Minister of Finance, Mr. Laaziz Faïd, met on Tuesday with the Omani Ambassador to Algeria, Mr. Saif Rashid Al-Badawi, who was accompanied by Mr. Saad Suhail Bahwan, one of the principal shareholders of the Omani conglomerate Suhail Bahwan Group and the Algerian-Omani Fertilizer Company. The meeting took place at the Ministry of Finance headquarters, according to a statement released by the ministry.
Strengthening Bilateral Economic Ties
The two sides commended the new momentum in bilateral economic relations, especially following President Abdelmadjid Tebboune’s state visit to the Sultanate of Oman at the invitation of Sultan Haitham bin Tariq from October 28 to 30, 2024.
During the meeting, the Omani investor expressed his complete satisfaction with the progress of his investment in Algeria in partnership with Sonatrach. He also shared the Suhail Bahwan Group’s significant interest in expanding and diversifying its operations in Algeria.
Mr. Bahwan emphasized that this aligns perfectly with the decision by the leaders of both nations to establish a joint Algerian-Omani investment fund. This fund aims to foster partnerships and projects in promising sectors such as renewable energy, pharmaceutical industries, automotive manufacturing, and desert agriculture.
Focus on Investment Environment
The meeting also provided an opportunity to discuss the facilitation and improvement of the legal and regulatory framework for investment in Algeria, particularly concerning taxation and foreign direct investments, to enhance the country’s attractiveness to investors.
Commitment to Economic Collaboration
Both parties concluded the meeting by agreeing to work collaboratively to strengthen economic and financial cooperation. They emphasized enabling economic operators from both nations to seize significant partnership opportunities based on a win-win approach.
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Author: nor-eleslam
Keyphrase: Algeria and Oman strengthen economic ties through investment partnerships
