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Trade Volume Between Turkey and Algeria Reaches $6.3 Billion

Posted by Cayan on May 26, 2024

Trade Volume Between Turkey and Algeria Reaches $6.3 Billion


According to the Turkish Minister of Family and Social Services, Mahinur Ozdemir Goktas, the trade volume between the two countries reached $6.3 billion last year, marking the highest figure achieved so far. These statistics were announced during the twelfth meeting of the Turkish-Algerian Economic Committee, which saw the participation of the Energy and Mines Ministers from both countries.


Goktas expresses pride in the strong relations between Turkey and Algeria, indicating that opportunities for cooperation between the two countries in various fields, especially economic and trade, are diverse and highly promising.


The minister confirms that serious steps are being taken to continue developing bilateral relations between the two countries, with specific goals such as increasing bilateral trade volume to $10 billion, as set by Presidents Recep Tayyip Erdogan and Abdelmadjid Tebboune, without specifying a specific timeframe to achieve this ambitious goal.


Turkey: The Primary Investment Partner in Algeria


Turkey is considered the primary investment partner in Algeria, with statements from the Turkish president indicating that the value of Turkish investments in Algeria has approached $6 billion. This announcement was made during the Algerian-Turkish Business Forum, where it was also emphasized that Turkey provides the largest number of job opportunities in Algeria, excluding the oil and natural gas sector.


Turkey aims to increase the value of investments to $10 billion as soon as possible and sees significant potential to achieve this, especially with around 1,400 Turkish companies partnering with Algerian companies in the country, providing employment opportunities for thousands of Algerians.


The visit of the Turkish president to Algeria witnessed the signing of 12 cooperation agreements between the two countries, reflecting their commitment to enhancing bilateral relations and boosting trade exchange between them. It is expected that the increase in trade volume between the two countries will continue, as it rose by 27% in 2022 to reach $5.3 billion, with expectations to exceed this figure to surpass $6 billion.


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