Saudi Arabia, Algeria sign four deals to bolster economic ties

RIYADH, Saudi Arabia and Algeria signed on Wednesday four agreements on partnership and cooperation, a draft agreement on technical cooperation, a draft agreement on investment, and an agreement on diplomatic cooperation.

A statement by the Saudi-Algerian Joint Committee, which concluded its work earlier in Riyadh, noted that the signing ceremonies were under the co-chairmanship of the Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qassabi and the Algerian Minister of Industry and Mines Yusuf Yusufi.

During the two-day long session, officials, experts and technical teams representing various sectors from the two sides, discussed a wide range of ways to reactivate commercial partnership, enhance trade exchange, explore investment opportunities and diversify means of partnership, in several fields, in addition to follow up carrying out process of previously-made recommendations, in line with the directives of the two countries supreme leaders.

The four agreements on partnership and cooperation, including the minutes of the session, a draft agreement on technical cooperation between the Saudi Standards and Metrology Authority and its Algerian counterpart, a draft agreement in the domain of investment between the Saudi Arabian General Investment Authority and the Algerian National Agency to Promote Investment, in addition to a diplomatic cooperation agreement between Prince Saud Al-Faisal Institute for Diplomatic Studies of the Ministry of Foreign Affairs of the Kingdom and the Algerian Diplomatic Institute, attached to the Algerian Foreign Ministry.

Source: Kuwait News Agency