Turkish investments in Algeria have reached $5 billion and continue to increase, the vice president said Saturday.

Fuat Oktay’s statements came as he met Turkish workers at an iron and steel industry production facility of a Turkish company in northwestern Algeria.

Oktay visited the company in the port city of Oran and said Turkey and Algeria have five centuries of historical ties, and his country attaches the utmost importance to relations with friendly and brotherly Algeria.

He said Turkey's relations with Algeria are indispensable, not only for the two countries but for the peace, stability and prosperity of the region.

Oktay noted that cooperation between business people of both countries is important for the continuation of the momentum in bilateral relations.

By the end of 2021, the capital position of Turkish companies abroad reached $46.5 billion, said Oktay, adding that the share of total Turkish foreign investments in North African countries is 4.1%.