Algeria seeks Turkish renewable energy investment
Algeria has invited Turkey to invest in renewable energy projects as the North African Arab country is pushing ahead with a massive drive to expand reliance on renewable energy sources to save its fossil fuel wealth.
The two countries also said they are targeting $10 billion trade volume after two-way exchange between the two countries hit an all time high of nearly $6 billion in 2024.
The foreign ministers of the two nations announced the target at a meeting of their joint commission in the Algerian capital Algiers on Monday.
Algerian Foreign Minister Ahmed Attaf said during the talks that commercial relations between Algeria and Turkey have largely expanded over the past years.
'Two-way trade between the two countries reached an unprecedented level last year as it hit a record high of nearly $six billion,' Attaf said.
'But our ambitions surpass that level as Algeria and Turkey are seeking to reach a target of $10 billion in their commercial exchanges,' Affat said in his comments, published on Facebook by Algerian state TV.
Affaf said Turkey is also one of the largest foreign investors in Algeria, with an estimated $six billion at the end of 2024.
'Cooperation between Algeria and Turkey in various fields, mainly steel, energy, textiles and desert farming, has produced remarkable results…yet we see a great potential to expand this cooperation to include renewable energy projects and pharmaceutical industries…Turkish companies can take advantage of several incentives offered by Algeria in this field,' the Algerian Minister said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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