Minister of Commerce and Industry HE Sheikh Mohammed bin Hamad bin Qassim Al Thani and Algeria’s Minister of Trade and Export Promotion Kamel Rezig 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 4 MT.
From the Qatari side, the MoU was signed by Qatar Mining Chief Executive Officer Khalid bin Ahmed Al Obaidli, while from the Algerian side, it was signed by Algeria’s Ambassador to Qatar HE Dr Mustafa Boutoura.
On this occasion, Sheikh Mohammed pointed to the importance of the agreement, indicating that it reflected the will of the two countries to deepen and consolidate cooperation 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 cooperation, especially in the commercial and industrial fields.
He added that the keenness of the two countries to improve bilateral cooperation 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 joint aspiration of the two countries 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 percent Qatari ownership and 51 percent Algerian ownership.
The volume of trade exchange between Qatar and Algeria amounted to about $40.45 million in 2021, recording an increase of about 12 percent 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.