Vietnam, Algeria seek to boost economic cooperation

13:19 | 29/07/2017 Cooperation

The Vietnamese Embassy in Algeria and the Chamber of Commerce and Industry, of Algeria’s northeastern province of Annaba, recently held a workshop to discuss the trade cooperation links between the two countries.

At the workshop on the trade cooperation links between Vietnam and Algeria - Photo:baocongthuong

The event was attended by Vietnam’s Ambassador to Algeria Pham Quoc Tru, Chairman of Chamber of Commerce and Industry in Annaba province Djouadi Azzedine, alongside other leaders and almost 50 local enterprises.

Addressing the event, Ambassador Pham Quoc Tru highlighted the friendship between the two countries, affirming Vietnam’s interest in boosting their bilateral trade and investment cooperation.

Aiming to reach the target of US$ 1 billion in two-way trade in 2020, the two sides should work together to remove any obstacles hindering bilateral trade and investment ties, while creating favourable legal conditions for the businesses of both sides, the ambassador said.

Vietnamese and Algerian enterprises should also seek business partnerships in each country, he added, pledging that the embassy will help to connect the two business communities.

Meanwhile, Trade Counselor Hoang Duc Nhuan detailed the economic developments in Vietnam, as well as the bilateral cooperation between the two countries and a handbook on Vietnam’s market.
Djouadi Azzedine, a representative from the Annaba Chamber of Commerce and Industry briefed the participants on investment opportunities within the province in the trade, industry, agriculture and tourism sectors.

The local government is also upgrading old industrial parks in order to accelerate the growth of small and medium-sized enterprises. He also called for investment from Vietnamese enterprises in infrastructure building, housing, consumer goods production, footwear, fisheries and agriculture.

The representative also suggested establishing a business council to support bilateral trade and forming a direct partnership between the Algerian and Vietnamese provincial Chamber of Commerce and Industry. He also revealed that a delegation from the province will attend the Vietnam Expo in November this year.

At the seminar, the two sides also sought measures to beef up their economic partnership, including proposing that the governments of both countries sign a number of trade and investment, banking and labour deals, as well as increasing delegation exchanges.

Theo NDO