The European Union is planning to significantly expand its investment footprint in Algeria, signaling a strengthened economic partnership between the two regions. The EU’s Ambassador to Algeria, Diego Mellado Pascua, emphasized the importance the EU places on fostering economic collaboration based on mutually beneficial projects.
Speaking on the sidelines of a twinning program launch between the Algerian Investment Promotion Agency and the German Federal Ministry for Economic Affairs and Energy, Ambassador Pascua highlighted Algeria’s pivotal role as an economic partner for Europe in North Africa. He noted a clear political will within the Algerian government to foster investment and bolster economic cooperation.
“The ties between Algeria and the northern Mediterranean countries extend beyond mere geopolitics; they form the foundation for robust economic relations,” stated Ambassador Pascua. He added that the time is ripe for direct and genuine integration through joint investments and the enhancement of value chains.
The ongoing economic reforms in Algeria are proving to be a catalyst for European companies seeking opportunities in the Algerian market. These reforms offer promising prospects across various sectors, facilitating technology transfer and knowledge exchange. This creates a more conducive environment for partnerships and encourages the establishment of new industrial ventures.
The EU has earmarked approximately $800 billion for investment development in the coming years, with a strong desire to channel a substantial portion of these investments towards geographically proximate countries, particularly Algeria. Algeria’s significant natural, industrial, and human resource potential makes it an attractive investment destination. This strategic approach aims to foster a balanced competitive landscape and a win-win partnership that serves the interests of both sides.
Ambassador Pascua concluded by asserting that Algeria has become a key strategic indicator in the EU’s economic vision. The realization of joint industrial projects will solidify Algeria’s position as a reliable partner, particularly in sectors of mutual interest. This will enhance Algeria’s standing in the global market and strengthen its ties with the European Union.
