Iran, Algeria to expand economic cooperation

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Iran, Algeria to expand economic cooperation

08:18, November 23, 2010      

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Iranian President Mahmoud Ahmadinejad (R) meets with Algerian Prime Minister Ahmed Ouyahia, in Tehran, capital of Iran, Nov. 22, 2010. (Xinhua/Ahmad Halabisaz)


Iran and Algeria on Monday vowed to expand economic cooperation between the two countries.

In a meeting with Iranian Parliament Speaker Ali Larijani on Monday, visiting Algerian Prime Minister Ahmed Ouyahia called for new initiatives to promote the economic ties between the two Islamic states, the semi-official Fars news agency reported.

"Despite the many steps taken for the development of all-out cooperation between the two countries, efforts should be made to develop a new plan to promote the level of economic ties between Iran and Algeria," Ouyahia was quoted as saying.

He called for the establishment of a council for the two countries' businessmen and a joint investment fund, and underlined the necessity for supporting private companies' participation in the two countries' economic projects, the report said.

"Algiers welcomes the presence and activity of Iranian companies in different economic fields," he added.

For his part, Larijani said the relations between the two countries are "stable" and the two sides enjoy common stances in regional and international issues.

Iran and Algeria have vast capacities and capabilities in different fields, which should be utilized in line with the expansion of economic and trade cooperation, he was quoted by Fars as saying.

Also on Monday, the Algerian prime minister met with Iranian President Mahmoud Ahmadinejad. Ouyahia said that Iranian and Algerian officials are resolute to strengthen their all-out bilateral relations and to participate actively in the global scene, according to the presidential website.

He said that he had successful talks with Iranian First Vice President Mohammad Reza Rahimi, adding "during the talks, we could take big steps to deepen the bilateral, especially economic and cultural, relations."

Ahmadinejad also said that independent nations should work out their development plan according to their own potentials and their own local patterns.

On Sunday, the Iranian first vice president said at a meeting with Ouyahia that the two countries enjoy great potentials to expand their bilateral economic ties.

Rahimi said the volume of trade transactions between the two countries is not very high. He also expressed his hope that the current meeting would help strengthen the bilateral economic relations, the local satellite Press TV reported.

For his part, Ouyahia said Algeria wants to expand economic cooperation with Iran and is interested in adopting Iran's expertise in science, technology, and economic affairs, according to the report.

On Sunday, during a meeting between Iranian Economy Minister Shamseddin Hosseini and Algerian Minister for Maghreb and African Affairs Abdelkader Messahel, the two ministers stressed the need for drawing a road map to reinvigorate the two countries' bilateral relations.

During the meeting, Hosseini called for further expansion of mutual economic cooperation, according to Fars.

Tehran is ready to set up an independent Iranian bank in Algeria, he was quoted as saying.

Source: Xinhua
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