Algeria invites Chinese companies to help diversify economy

Algerian Finance Minister Mohamed Loukal on Tuesday invited Chinese companies to help diversify Algeria’s oil-dependent economy.

Loukal, in a meeting with Chinese Ambassador to Algeria Li Lianhe, hailed the positive contribution of Chinese companies to the construction of major projects in the country, said a statement from the Finance Ministry.

For his part, the Chinese diplomat, who took office in Algiers in December 2018, said that his task is to create new impetus to the bilateral relations, particularly through boosting investment and partnership projects.

Last October, Algeria’s former Minister of Industry and Mines Youcef Yousfi voiced hope to speed up the talks on how to help Chinese companies to invest in Algeria’s sectors including textile, steel, electronics and mining.

Algeria and China enjoy strong political, diplomatic, economic and trade relations. China maintained the largest commodity supplier of Algeria during the first quarter of 2019.

Algeria is seeking to diversify its economy and its exports amid the fall of oil price, as the North African nation’s economy is fully dependent on oil revenues.