Turkiye is one of the biggest investors in Algeria, says President Tebboune

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Algeria’s President Abdelmajid Tebboune told state television on Sunday evening that his country’s drive to develop ties with Turkiye is normal given the long history between the two countries. Tebboune visited Turkiye in May.

“If we move away from emotion and use logic, we see that Turkiye is one of the biggest investors in Algeria,” he said when asked about his visit. Turkish investments in Algeria are valued at more than $5 billion per annum.

“The production of steel in Oran has become double of what we used to produce, and now we are exporting it,” said the Algerian president. The steel plant is owned by Turkiye’s Tosyali Company. “There are also Turkish investments in textiles and others coming for the light and medium industry. It’s normal to work to develop and strengthen our relations for the interest of the two countries. We have a long history with Turkiye, and we don’t have any problems with it.”

On 25 June, Turkiye’s Vice President Fuat Oktay visited the plant in Oran and pointed out the value of Turkish investments in Algeria. He expressed Ankara’s desire to sign a free trade agreement or a preferential trade agreement with the government in Algiers.

According to Oktay, more than 1,400 Turkish companies are active in Algeria, providing jobs for more than 30,000 Algerian citizens. He stressed that Turkish-Algerian relations are of great importance to the peace and stability of the region, and noted that the relationship continues to advance given the efforts of Presidents Recep Tayyip Erdogan and Abdelmadjid Tebboune.

The value of Turkish companies’ overseas investments is $46.5 bn. North African countries account for 4.1 per cent of the total of these investments.

Source: Middle East Monitor