Algeria, Egypt to double trade exchange by 2020

Algerian Chamber of Commerce and Industry seeks to double intra-trade with Egypt to reach $ one billion by the end of 2020, Algerian Chamber of Commerce and Industry President Mohammed Al-Eid bin Omer said.

He told Amwal Al Ghad on the side lines of the Egyptian-Algerian business forum, organised by Federation of Egyptian Chambers of Commerce (FEDCOC), that the volume trade exchange between Algeria and Egypt doesn’t exceed $470 million annually.

Bin Omer further noted that  the volume of Algerian exports to Egypt doesn’t exceed $24 million annually, while the volume of the Egyptian imports to Algeria records  $445 million.

on the other hand, FEDCOC and the Algerian Chamber of Commerce and Industry have signed a memorandum of understanding to activate Egyptian-Algerian business forum in order to increase trade exchange and investments between the two counties.

However, Trade exchange between Egypt and the African nations reached nearly $5 billion. Egyptian investments into the African markets exceeded $8 billion, which offered ten thousands of jobs, mainly in the sectors of construction, infrastructure, energy, mining, agriculture, telecommunication, information technology.