Prospects of Iran-Algeria Economic Cooperation

Minister of Industry 03

WWW.MRUD.IR – 16 May: onIn line with the constructive political will of Iran and Algeria to develop economic and trade bilateral cooperation, Abdesselam Bouchouareb as Algerian Minister of Industry and Mines met with Abbas Akhoundi as Head of Joint Commission of Iran-Algeria Cooperation

To put into effect the agreements reached during previous meeting of Joint Commission of Iran-Algeria Cooperation co-headed by Abdelmalek Sellal, Algeria Prime Minister and Issaq Jahangiri, the Iranian Vice-President, which took place in Algeria in December 2015, the two parties discussed prospects of cooperation in industrial sectors (including auto manufacturing industries and spare parts), pharmaceutical, agricultural, construction, fuel as well as mine Industry (phosphate processing, Iron and steel manufacturing).

Pointing to the low trade relations compared to the political relations, Akhoundi emphasized on establishing a mutual banking system between two countries as development of trade relations would not be achieved without a sound banking relations. In this regard, the initial steps had been previously taken by agreement between Central Banks of the two countries to open up an account as Bank guarantee; however, given current political enthusiasm, the impeding factors lies in technical issues which will be under scrutiny.

Other areas of negotiation were cooperation in industrial housing production and construction through developing a joint company between Iran and Algeria (currently established as Safiran Co.); constructing a joint plant in Algeria for production of building materials for cost effectiveness; and the rail industry considering Algeria 5-year plan to construct the railroads. 

As per the need for technology transfer, Iran proposed for multi-lateral cooperation between France/Germany-Iran-Algeria. 

Considering long-lasting friendly relationship of the two countries, other exchanges and plans are also expected.

Abdesselam Bouchouareb and his delegation have travelled to Iran for attending the second forum of Algerian-Iranian Industrial Cooperation Committee Held in Tehran on May 15, 2016.