Algeria, with its population consists of 42 million people and with its mostly young population, rapidly grows with its 4 thousand 200 dollars of gross domestic product per person. Also, the country that is in a strategic location between Europe and Africa is an important economic partner for the countries that want to do business in Africa.
The Algerian economy mostly leans on oil and gas export. The current account deficit problem that increased after the decrease in oil prices in 2014 has forced the Algerian authorities to take measures against decreasing the export and promoting foreign investment.
In the current state, Turkey is the biggest foreign investor in the Algerian economy with its almost 3.5 billion dollars direct foreign investment. Turkish companies in Algeria are active in many sectors from construction and chemical products to steel and textile industries. On the other hand, they are at higher levels in housing and infrastructure projects also.
I think that it is important to increase the awareness in the Turkish business community regarding the potentials and opportunities that Algeria offers. Also, the mechanisms that will help B2B contacts should be used densely and the necessary regulations should be made in order to create a legal frame that meets the needs of both parties. That is why I think that Turkey-Algeria Business Forum should be established. Also, we have offered our colleagues in Algeria to update our current agreement on protecting our mutual investments. We are following the process about this either.
Ambassador of the Republic of Turkey to Algeria Mehmet Poroy