(AFP Photo)
By: Ahmed Salama
A number of Egyptian businessmen have sought to establish an industrial zone within Algeria in an attempt to create and pursue increased opportunities for investment between the two countries.
Abd Al-Moneim Sayyed, president of the Investment Committee for Egypt’s International Business and Investment Association (IBIA), stated they would be hosting a delegation of Algerian businessmen at the end of the month. The meetings are aiming to overcome the lull in commerce between the two countries as a result of heightened tensions that followed the Algerian football team’s victory over Egypt in a world cup qualifying match in November 2009.
The delegation would seek to discuss new ways to increase the flow of Egyptian products into Algeria in addition to lifting customs duties, which had risen on some products to as high as 52%.
Sayyed added that Algeria is largely a consumer country, with imports far outstripping its exports.
He added that negotiations would take place to devise ways to convince both governments to facilitate the flow of commerce between the two countries, lift customs duties and establish an Egyptian industrial zone inside Algeria. He went on to say that Algeria’s weak industrial output represented an opportunity for Egyptian companies to increase production and open factories in the country.
The Algerian delegation would consist of representatives from over 50 import and investment companies operating in a number of sectors. It was noted that ceramics, carpets, chemicals and food products made up the largest share of Algerian imports.
