China Keen To Invest In Modern Agriculture And Car Manufacturing In Algeria

China's President Xi Jinping (R) shakes hands with Algeria's President Abdelmadjid Tebboune after a signing ceremony at the Great Hall of the People in Beijing on July 18, 2023. (Photo by Ng Han Guan / POOL / AFP)

Abdeslam Sekia / English Version: Med.B.

The Chinese Ambassador to Algeria, His Excellency Mr. Li Jian, described the bilateral relations between the two countries as “great”, especially with the two important visits led by the President of the Republic, Mr. Abdelmadjid Tebboune, and after him the Chief of Staff of the National People’s Army, Army General Said Chanegriha, and said that “China is ready to work actively to promote deep integration”. “For Chinese-style modernization and building a new Algeria, improve the quality and modernization of economic and trade cooperation between China and Algeria, and help Algeria achieve industrialization and economic diversification.”
The Chinese diplomat reviewed the reality of bilateral relations between the two countries, and said in a small meeting at the end of the week with representatives of the national press, attended by “Echorouk” at the headquarters of the Chinese Embassy, that “2023 was a great year for relations between the two friendly countries, where President Tebboune and the Chief of Staff of the People’s National Army, Army General “Said Chanegriha visited China successively, and the two heads of state held a historic meeting and drew a grand plan for the development of bilateral relations.”
The Chinese diplomat also highlighted the major milestones of close cooperation between the two sides at the beginning of this year, including “the visit of the Vice Premier of the Chinese State Council and his meeting with President Tebboune and Prime Minister Nadir Arbaoui, and then the eighth meeting of the Joint Committee for Economic, Trade and Technical Cooperation in Beijing”.
In his speech, the ambassador touched on bilateral relations in the context of trade between the two friendly countries, models of economic and trade cooperation, as well as Chinese investments and financing of major projects in Algeria.
Regarding bilateral trade, the ambassador revealed that the volume of Sino-Algerian trade has exceeded 10 billion dollars for the first time. According to him, this figure confirms that “the trade cooperation between the two countries is active in an unprecedented way, and the Chinese side does not deliberately seek to achieve a trade surplus with Algeria, and is ready to actively implement the consensus reached by the two Heads of State in Beijing and import more Algerian goods of high quality”. Quality and provide more opportunities for the export of Algerian products to China,” said the ambassador.
Regarding Chinese investment in Algeria, the spokesman said, “Algeria has the advantages of an excellent geographical location, abundant natural resources and a high overall cost-benefit ratio. China actively encourages and supports Chinese-funded enterprises to invest in Algeria, especially in modern agriculture, automobile manufacturing, digitalization and other fields.” Areas for which there is strong demand from Algeria,” he continued, “We hope that the Algerian side will provide more opportunities for Chinese companies to invest, and that the confidence of Chinese companies to invest in them will be constantly enhanced.”
With regard to the financing of major projects, the ambassador said, “The Export-Import Bank of China and the China Export and Credit Insurance Corporation are in contact with relevant Algerian authorities to explore new financing models for cooperation between the two countries, expand financing channels and support the implementation of major projects.”