Algeria and Turkey aim to skyrocket trade exchange to $10 billion

Algeria and Turkey are working towards a significant boost in their trade exchange, with a target of reaching $10 billion.

According to Algerian Foreign Minister Ahmed Attaf, the relations between the two countries have been steadily developing on both political and economic fronts. Attaf highlighted the progress made in the past three years and the expansion of bilateral cooperation in various sectors.

Algeria has emerged as Turkey’s second-largest trading partner, with trade exceeding $5 billion. Additionally, Turkey has become the largest foreign investor in Algeria, outside the hydrocarbons sector, with direct investments valued at over $6 billion.

The importance of this growing trade relationship is underscored by Attaf’s announcement that President Erdogan will soon be visiting Algeria for the second session of the high-level cooperation council between the two countries. This visit is expected to further strengthen and expand the partnership between Algeria and Turkey.

During his three-day visit to Turkey, Minister Attaf was accompanied by a delegation comprising representatives from 12 ministerial departments. The purpose of their visit was to participate in the second meeting of the joint planning group, furthering discussions and cooperation between the two nations.

The efforts to boost trade between Algeria and Turkey showcase the commitment of both countries to foster economic growth and cooperation. The increased trade exchange will not only benefit the economies of both nations but also enhance the relations between their peoples, who share a strong bond of brotherhood.

Algeria, with its rich resources and potential investment opportunities, presents an attractive market for Turkish businesses. On the other hand, Turkey’s advanced industries and high-quality goods can fulfill Algeria’s diverse import needs. By tapping into these synergies, the two countries can create a win-win situation that fuels economic development and prosperity.

In addition to trade, Algeria and Turkey are also exploring opportunities for collaboration in other areas. The expansion of the partnership encompasses various sectors, including energy, construction, tourism, agriculture, and more. Such diversified cooperation will not only strengthen the economic ties but also foster innovation and knowledge exchange between the two nations.