His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, and His Excellency Mr. Kamel Rezig, Minister of Commerce in the People’s Democratic Republic of Algeria, participated today in the proceedings of the Qatari-Algerian Business Council’s first meeting convened virtually.

The Qatari-Algerian Business Council is co-chaired by H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of the Qatari Businessmen Association, from the Qatari side and H.E. Mr. Kamel Mola from the Algerian side.

In his opening speech, H.E. the Minister of Commerce and Industry accentuated the strength and durability of relations between the two countries, referring to the historic visit of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani to Algeria in February 2020, a visit which has contributed to consolidating Qatari-Algerian cooperation at all levels, especially economically and in terms of investment.

The volume of trade exchange between the two countries in 2020 amounted to about $36.13 million, H.E. pointed out.

H.E. further added that the investment cooperation had seen great progress following the establishment of the Algerian Qatari Steel company in Algeria. Of an investment cost exceeding $2 billion, Algerian Qatari Steel is one of the most significant joint projects in the region, H.E. Mr. Al Kuwari noted.

The State of Qatar, H.E. further stated, is one of the largest investors in the Republic of Algeria, with Qatari investments comprising 74.31% of foreign investments there.

H.E. the Minister of Commerce and Industry touched on the characteristics of the Qatari economy.

Qatar has devised a solid strategy to support the strength of the national economy by providing financial and economic incentives to the private sector, as well as by providing various exemptions to protect entrepreneurship and SMEs, H.E. Mr. Al Kuwari clarified.

H.E. further added that the State had sought to strengthen the partnership between government agencies and the private sector, due to its belief in the private sector’s pivotal role in implementing programs aimed at achieving economic recovery and supporting Qatar’s march to meet the goals under its National Vision 2030.

H.E. indicated that the State had moved forward in terms of maintaining investment stimulation. To this end, Qatar has developed the business environment and has put in place legislative and regulatory frameworks that allow foreign investors full ownership in various sectors, as well as in different economic and commercial activities. Additionally, the State has provided significant investment benefits and incentives that have instilled Qatar’s leading position on the global investments map.

In the conclusion of his speech, H.E. Mr. Ali bin Ahmed Al-Kuwari highlighted the fact that the first meeting of the Qatari-Algerian Business Council is an important event that will positively affect the volume of trade and investment exchange between the two countries. In this regard, H.E. Mr. Al Kuwari called on businessmen from both sides to benefit from the investment opportunities available in the two countries, and form new partnerships.

The virtual meeting featured significant participation from the two countries. From the Qatari side, participants included H.E. Hassan bin Ibrahim Al-Malki, Qatar’s ambassador to Algeria, as well as a number of Qatari officials and businessmen.

From the Algerian side, participants included H.E. Dr. Mustafa Boutoura, Algerian Ambassador to Qatar, as well as a number of officials and representatives of Algerian companies.