President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei said that a coherent planning can help bilateral trade between Iran and Algeria reach more than $2 billion in the long-term.
Shafei made the remarks during a webinar of Iran Chamber of Commerce and Algerian Chamber of Commerce and Industry (ACCI) which was participated by representatives from 34 Iranian local chambers.
The online event was chaired by Shafei and his Algerian counterpart Shabab Tayib.
Noting that Iran-Algeria trade stood at nearly $124 million in 2020, Shafei said that the figure can be increased to more than $500 million provided that the banking and transportation barriers are removed in the short-term.
He also added that a coherent planning can help bilateral trade between Iran and Algeria reach more than $2 billion in the long-term.
Iran’s private sector is seriously looking forward to expand relations with African countries, Algeria in particular, Shafei said.
Referring to Iran’s high mining technology and the high quality of Algerian phosphate, potash mines, Shafei said that the private sectors of the two countries can establish good cooperation in this area.
He enumerated the capacities of the Iranian market, including access to 15 neighboring countries, Caucasus and Central Asian countries in particular, with a 400-million population, having 6 free trade zones and 30 special economic zones, noting that the Algerian companies can also make use of Iran’s membership in the Eurasian Economic Union and Shanghai Cooperation Organization.
Iran can, on the other hand, benefit from the privileges of Algeria’s free trade agreements with the European Union and the Arab countries, as well as the country’s membership in the African Union, Shafei said.
He also voiced Iran’s readiness to provide Algeria with its needs for medicine, medical equipment and different health products.
Underlining the need for boosting barter trade between the two countries, Shafei said that Iran can trade steel to Algeria for sugar and phosphate.
Head of the Algerian Chamber of Commerce and Industry, for his part, hailed Iran’s economy as one of the top economies in the Middle East region.
Noting that his country is seeking to remove hurdles on the way of expansion of trade with Iran, Tayib said that Algeria is looking forward to initiate joint agricultural and health projects with Iranian companies.