IBIA: Volume Of Egyptian Investments In Algeria Is $5 Bln

Egypt’s IBIA, International Business and Investment Association, has signed a cooperation protocol with the Algerian Economic Club in order to support and deepen the ties between the two countries via holding more bilateral meeting between the Egyptian companies and the Algerian counterparts.

On his part, Ahmed Galal, Chairman of IBIA, said the total volume of the Egyptian investments in Algeria amount to $ 5 billion through 32 ventures, and as to 6200 Egyptian and Algerian employers.

Deepening the international relations is a significant step in the framework of the strategy of attracting new investments to the Egyptian market, said Gala; emphasizing that the cooperation with Algeria in the coming period through a series of conferences in Egypt and Algeria as well. The cooperation synchronizes with the Algerian government’s decision of exempting 407 Egyptian commodities from customs fees.

He added that the target of increasing the volume of the trade exchange between the two countries in the coming period is a positive step on the economic level as Algeria has large rates of cash reserve, while Egypt has more attracting investment opportunities that should be exploited to boost the trade exchange, which reached $ 1.5 billion.

Egyptian Premier Hesham Kandil’s visit to Algeria greatly helped in restoring the relations between Egypt and Algeria and resolving the joint disputes, stated IBIA’s Chairman.