HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani and Kamel Rezig, Algeria’s Minister of Trade and Export Promotion, witnessed the signing of a memorandum of understanding (MoU) to study investment opportunities in the steel industry.
The MoU aims to study the feasibility of expanding the Algerian-Qatari Steel (AQS) Company factory in the Bellara Industrial Zone in Algeria to increase its production capacity to 4Mt.
From the Qatari side, the MoU was signed by Khalid bin Ahmed al-Obaidli, chief executive officer of Qatar Mining, while from the Algerian side, it was signed by Dr Mustafa Boutoura, Algeria’s ambassador to the State of Qatar.
On this occasion, HE Sheikh Mohamed pointed to the importance of the agreement, indicating that it reflected the common will of the two countries to deepen and consolidate co-operation in various fields, especially in terms of investment and partnership by maintaining joint work in the steel industry.
The minister also stressed that this step would open wider horizons for co-operation, especially in the commercial and industrial fields. Sheikh Mohamed said the two countries' keenness to improve bilateral co-operation frameworks would allow Qatari and Algerian investors to consolidate bridges of communication and establish successful investment projects that serve the interests of the two nations.
The MoU stems from the two countries' joint aspiration to develop the iron and steel industry within the framework of an industrial and commercial partnership, in addition to meeting the Algerian market’s needs allowing the export of surplus production.
The AQS is an Algerian-Qatari iron and steel production venture, with 49% Qatari ownership and 51% Algerian ownership.
The volume of trade exchange between Qatar and Algeria amounted to about $40.45mn in 2021, recording an increase of about 12% compared to 2020. Moreover, there are 169 Algerian companies operating in Qatar, including two companies that are fully Algerian owned and 167 Qatari-Algerian joint ventures.
From the Qatari side, the MoU was signed by Khalid bin Ahmed al-Obaidli, chief executive officer of Qatar Mining, while from the Algerian side, it was signed by Dr Mustafa Boutoura, Algeria’s ambassador to the State of Qatar.
On this occasion, HE Sheikh Mohamed pointed to the importance of the agreement, indicating that it reflected the common will of the two countries to deepen and consolidate co-operation in various fields, especially in terms of investment and partnership by maintaining joint work in the steel industry.
The minister also stressed that this step would open wider horizons for co-operation, especially in the commercial and industrial fields. Sheikh Mohamed said the two countries' keenness to improve bilateral co-operation frameworks would allow Qatari and Algerian investors to consolidate bridges of communication and establish successful investment projects that serve the interests of the two nations.
The MoU stems from the two countries' joint aspiration to develop the iron and steel industry within the framework of an industrial and commercial partnership, in addition to meeting the Algerian market’s needs allowing the export of surplus production.
The AQS is an Algerian-Qatari iron and steel production venture, with 49% Qatari ownership and 51% Algerian ownership.
The volume of trade exchange between Qatar and Algeria amounted to about $40.45mn in 2021, recording an increase of about 12% compared to 2020. Moreover, there are 169 Algerian companies operating in Qatar, including two companies that are fully Algerian owned and 167 Qatari-Algerian joint ventures.
