Trade Minister Ömer Bolat highlighted Monday the progress toward the target of $10 billion (TL 32.9 billion) in trade volume between Türkiye and Algeria and said that the talks for a preferential trade deal between the two countries would begin "very soon."
Bolat attended the opening program of the Algerian Trade Delegation in Algeria, where he had traveled for the 55th Algiers International Fair, in which Türkiye was the guest of honor.
In his speech, he emphasized the importance of the visit with a delegation of leading representatives from the business world and nongovernmental organizations (NGOs) in enhancing commercial and economic cooperation between the two countries.
Other high-level officials, including Vice President Cevdet Yılmaz and Family and Social Services Minister Mahinur Özdemir Göktaş, accompanied Bolat during the visit.
He recalled that during the second session of the Türkiye-Algeria High-Level Cooperation Council held in Algeria in November last year under the chairpersonship of the presidents of the two countries, he and Algerian Trade and Export Promotion Minister Tayeb Zitouni signed a joint declaration regarding the signing of a preferential trade agreement.
Moreover, he noted that the bilateral trade volume with Algeria stood at $6.3 billion at the end of last year, which he said marked the highest level "we have reached to date."
"We are pleased to see that the upward trend has continued in the first five months of 2024. Indeed, our bilateral trade volume increased by 8% in the first five months of this year compared to the same period of the previous year, reaching approximately $2.7 billion," said Bolat.
"We are making steady progress toward achieving the joint trade volume target of $10 billion, and I would like to announce that negotiations for a Preferential Trade Agreement between the two countries will begin very soon," he added.
The minister pointed out that relations between Algeria and Türkiye are on a positive trajectory and stated that a national participation organization for the fair in question was arranged with the support of the ministry.
Highlighting mutual investments between the two countries, Bolat further said: "Türkiye's advanced and qualified workforce, stable and orderly investment environment, advanced investment incentive system, investor-friendly government policies and strategic geographical position offer unique opportunities for many investors from around the world."
"Algeria is not only Türkiye's gateway to Africa but also its largest investment partner in Africa. The investment amount of our companies in Algeria has exceeded $6 billion," he said.
"Türkiye is the country that invests the most and provides the most employment in Algeria, excluding oil and natural gas sectors."
Furthermore, the official expressed their readiness to provide all kinds of support to Algerian investors in Türkiye and mentioned their ongoing efforts to increase cooperation and mutual investments in renewable energy, water infrastructure, hydrocarbons and mining, particularly in agricultural mechanization and solar energy.
He also recalled that with the agreement signed on May 7 in Ankara, mutual flight restrictions between the two countries were lifted, and the number of flights was increased from 35 to 80 per week.
Bolat stated that Turkish contracting firms have undertaken 636 projects worth $21.3 billion in Algeria to date and noted that the sector considers the North African country an important partner.