2023-08-02 17:43:59
ALGIERS- The Minister of Finance, Laaziz Faid, received on Wednesday in Algiers, the Indian Ambassador to Algeria, Gaurav Ahwalia, with whom he discussed means of strengthening bilateral economic and financial relations.
According to a press release from the ministry, “this meeting was an opportunity to examine the state of bilateral economic and financial relations, as well as the prospects for their development and strengthening, particularly in the financial sector”.
Returning to the historical relations linking the two countries, which began even before the independence of Algeria, the Indian ambassador expressed his country’s desire to breathe new dynamism into cooperation with Algeria, through a new win-win partnership, enhancing the different areas of economic and financial cooperation.
The exchanges on this subject made it possible to “agree on the need to strengthen the legal arsenal governing bilateral cooperation, in particular through the commitment, as soon as possible, of discussions that should allow the rapid conclusion of an agreement on the avoidance of double taxation, a customs cooperation agreement, and later an agreement on the promotion and reciprocal protection of investments”, adds the same source.
Referring to the measures taken by the Algerian government to improve the business climate and strengthen the country’s attractiveness to foreign direct investment, the Minister expressed the wish to see a “more significant” commitment by Indian companies in Algeria, particularly in favor of the legal framework that will be put in place.
The two parties have agreed to initiate a process to increase meetings, whether official or between economic operators of the two countries, the ministry said.
The opportunity of this meeting was also taken advantage of by Mr. Faid to return to the request expressed by Algeria for its membership of the new development bank (NDB), a financial institution set up by the BRICS countries.
In this respect, he indicated to his interlocutor that Algeria “counts on the support of India for a diligent concretization of this membership and this, in accordance with the tradition which has always marked bilateral relations in terms of support at the level of multilateral bodies”.
The two parties reaffirmed their willingness to do everything possible to hoist cooperation between the two countries towards a mutually beneficial reinforced partnership, underlines the same source.
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