Algeria to improve ties with Saudi

Algerian Ambassador to Saudi Arabia, Mohamed Ali Boughazi, has expressed his country’s eagerness to enhance economic cooperation with the Kingdom, according to a recent interview with Asharq Al-Awsat. Boughazi declared that Algeria would strive to increase the level of cooperation between the two countries to the highest degree possible. He further emphasized that Algeria and Saudi Arabia shared similar views on numerous political and economic issues, a fact that was evident in their collaboration within international organizations such as the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+.

Boughazi revealed that over 30 agreements had been signed between the two countries, covering various economic sectors and including the establishment of a joint business council and investment company. The ambassador stated that their priority was now to intensify mutual visits between investors and businessmen from both countries, aiming to increase economic cooperation to the highest levels possible.

Despite the current trade volume between the two nations not reflecting its true potential, the diplomat expressed optimism, citing the issuance of a new investment law that provides significant advantages and facilities for resident and non-resident investors. The ambassador noted that conditions were very favorable for Saudi businessmen to invest in Algeria, and Algeria would collaborate with the Saudis to overcome any difficulties in implementing mature investment projects.

Finally, Boughazi emphasized his country’s interest in cooperating with new Saudi initiatives in the green economy and clean energy fields. The ambassador’s comments reflect the Algerian government’s desire to promote economic ties with Saudi Arabia and leverage the significant investment opportunities that the two countries offer each other.