His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with Algerian Finance Minister Karim DJoudi, who is heading a delegation to the UAE. Image Credit: WAM

Abu Dhabi: The ninth UAE-Algeria Joint Economic Committee meeting here Wednesday discussed opportunities to strengthen bilateral trade.

In his opening address, Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, who led the UAE delegation, said: "The Joint Committee Meeting will set the platform for further strengthening bilateral trade and investment relations between the UAE and Algeria. Both the government and private sector in the UAE look forward to an era of increased cooperation and stronger economic partnerships with Algeria."

Trade between the UAE and Algeria has grown 60 per cent annually in the past five years, from about $16 million in 2005 to about $173 million in 2010.

The meeting was attended by senior executives from UAE government sectors. The sides discussed strategic areas of cooperation.

Key sectors

The two sides discussed cooperation in sectors such as telecommunications, tourism, hotels, logistics and management of ports, airports, transportation, rail and infrastructure.

They also discussed the possibility of exchanging expertise in establishing industrial zones and real estate and the construction industry, particularly aluminium, and the exchange of experiences in the field of oil and minerals, alternative energy, water and electricity and areas of public works and the establishment of ports and upgrading airports.

Al Mansouri urged Algerian officials to facilitate procedures for Emiratis interested in investing in Algeria and invited businesses to leverage the positive growth environment offered by the UAE, especially in infrastructure, financial services, retail, health, aviation services, telecommunications and technology.

"The UAE's foreign trade increased by 14 per cent while the total flow of direct investments reached $15 billion,

"This was the result of the high confidence in our economy that is considered a preferred destination for foreign investments and supported by our country's advanced infrastructure, qualified human resources and effective legislation, in addition to our success in building strong economic ties globally," said Al Mansouri.