Turkey raises its trade exchanges with Algeria to 5 billion dollars annually

Economic and commercial investment files, along with defense industries and tourism, topped the agenda of the bilateral summit that brought together Turkish President Recep Tayyip Erdogan and his Algerian counterpart Abdel Majid Tabun Sunday in Algiers.

The two Presidents agreed to raise the level of trade exchange between the two countries to more than the threshold of $ 5 billion annually in the nearest deadlines instead of $ 3.5 billion, which represents the current volume of trade exchange, in addition to establishing a high-level cooperation council that would achieve great strides in relations between Ankara and Algeria.

Turkish President Recep Tayyip Erdogan said in a statement to the press after the meeting that brought him his counterpart, Tabun, that Turkey and Algeria are determined to raise trade exchanges to $ 5 billion in the near future, while working to ensure permanent communication between the authorities and the various ministers, especially the foreign ministers of the two countries, in order to remove any misunderstanding This economic endeavor may be blocked.

Erdogan said that Turkish companies have completed 377 projects in Algeria worth 16.1 billion dollars, and that Turkish companies occupy the eighth position as the most companies that implement projects for pledges in Algeria.

In his speech, he mentioned the booms that Turkey had achieved in manufacturing and exporting defense products, starting from armed drones, through warships and training aircraft, to helicopters and other equipment.

He expressed Turkey's permanent desire to strengthen cooperation with Algeria in the field of defense industries, especially in this period of regional tensions similar to what is happening in the eastern neighbor of Algeria, "Libya."

President Erdogan expressed Turkey's great interest in following all the steps taken by the Algerian government to closely diversify the country's economy.

Erdogan presented figures in front of dozens of Turkish and Algerian businessmen the volume of trade exchange between Turkey and African countries, where he revealed that he had increased by 381 percent during the past 17 years and reached 26 billion dollars, while the volume of Turkish exports to the African continent was estimated at 16 billion dollars.

Erdogan touched on the reality of air navigation on the brown continent, where he said that Turkish Airlines flies from Istanbul to 58 destinations in 38 African countries.

He also talked about the scholarships Turkey provides for 4,500 African students.

He stressed that Turkey aims to raise the volume of trade with the African continent to 50 billion dollars, stressing that Algeria is the most important gateway to Turkey in order to enter the Maghreb and the continent of Africa.

It should be noted that Ankara has the largest volume of economic investments in the Maghreb region in the state of Algeria, as the latter is the most important and second largest economic partner of Ankara in the African continent.

It is expected that the abolition of the rule 51/49 of foreign partnership in Algeria will raise the volume of investments and exchanges between Algeria and Turkey to higher levels.

One of the biggest obstacles to investment opportunities was the rule 51/49 of the Partnership with Foreigners approved by Algeria in 2009, which required granting 51 percent of the shares in the partnership to the Algerian party and 49 percent for the foreigner, but it was abolished in the 2020 budget law, which would make it possible Better investment opportunities.

Free trade zone between Algeria and Turkey on the horizon

Turkish President Recep Tayyip Erdogan said on Sunday, during a speech on the sidelines of the Turkish-Algerian Business Forum, that Turkey and Algeria are moving forward with taking the necessary steps to reach a free trade agreement between them.

Addressing Turkish and Algerian businessmen, President Erdogan said: "Turkey and Algeria will continue to move quickly and steadily to achieve their common goal, and to achieve our economic goals, the obstacles that limit your potential must first be removed."

And he added: "The absence of a free trade agreement between Turkey and Algeria, despite the strong and deep-rooted ties, is a major shortage, but, God willing, the necessary steps will be taken quickly."

Many observers and acquaintances with international relations unanimously agree that Erdogan's visit to Algeria was very important in terms of advancing the development of relations between Ankara and Algeria and a big and effective step in strengthening joint economic cooperation, especially as it culminated in the signing of several cooperation agreements in the forefront of which was the establishment of a high-level Turkish-Algerian Cooperation Council in addition to its timing It is the first visit of a Head of State to Algeria since President Taboun came to power last December.

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