The Minister Plenipotentiary and Head of the Commercial Office at the Egyptian Embassy in Algeria, Yasser Qarni, revealed on Wednesday that many Egyptian companies are aiming to invest in Algeria by opening factories. He highlighted the recent increase in trade exchanges between the two countries.
During a presentation at an Algerian-Egyptian meeting on economic planning and partnerships, organized by the Algerian Union for Economy and Investment, Qarni stated, “Many Egyptian companies are seeking to open factories in Algeria, particularly in packaging, synthetic fibers, and food industries, with investments based on a win-win principle.”
According to Qarni, the current volume of Egyptian investments in Algeria is approximately $3 billion, primarily in infrastructure, fertilizers, and restaurants. He also encouraged Algerian businessmen to invest in Egypt.
The Egyptian diplomat expressed satisfaction with the growth in trade exchanges between the two countries, noting, “Trade has increased from $600 million to $1 billion over the past five years.”
Both sides aim to raise the trade volume to $5 billion within four years, focusing on sectors such as food industries, automotive components, and new and renewable energy.
In a statement to the press on the sidelines of the meeting, Qarni mentioned ongoing discussions between Algerian and Egyptian officials about cooperation in the gas sector.
Egyptian Ambassador to Algeria, Mokhtar Warida, emphasized that the strong relations between the two countries have positively impacted the economy, leading to increased trade exchanges.
Warida expressed optimism about the “promising” future of bilateral cooperation, which is developing thanks to the support of the presidents of both countries, particularly through mutual visits and high-level delegation exchanges.
Abdullah Ben Arab, CEO of the International Office of the Algerian Union for Economy and Investment, highlighted the importance of partnerships with Egyptian companies. He regarded them as a successful model of direct investment, creating numerous job opportunities, transferring technology, meeting local market needs, and even contributing to exports.
Egyptian Investments in Algeria
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