The Chamber of Commerce and Industry of Algeria's Béjaia Province has extended an invitation to Vietnamese enterprises, urging them to explore investment opportunities in the Algerian locality and foster collaborations with local partners for mutual growth.
Chairman Mamasse Samir emphasized Béjaia's commitment to providing favorable conditions for foreign investors, including attractive tax incentives and opportunities for industrial land leasing. With its expansive 100-kilometer coastline, the region holds significant potential for tourism development.
Béjaia's economic landscape encompasses sectors such as food industry, wood and paper, metallurgy, mechanics, electricity, electronics, construction materials, and textiles. Notably, several local companies have shown interest in importing coffee and spices from Vietnam.
During a seminar organized by the chamber and the Vietnam Trade Office in Algeria, Trade Counsellor Hoàng Đức Nhuận provided insights into Vietnam's economic and foreign trade situation, highlighting the robust trade and investment cooperation between the two nations. Bilateral trade between Vietnam and Algeria surged to an estimated US$250 million in 2023, marking a substantial 68% increase year-on-year.
Furthermore, Nhuận extended an invitation to Algerian businesses to participate in the Vietnam International Sourcing exhibition scheduled from June 6-8, 2024, in HCM City. The event aimed at connecting international supply chains offers a platform for fostering trade partnerships.
Algerian enterprises expressed interest in importing various products from Vietnam, including raw coffee, cashew nuts, sugar, soybeans, sunflower seeds, packaging materials, and sporting goods. Additionally, they sought collaboration in textile production, agricultural processing, refrigeration equipment, logistics, and tourism.
Conversely, Algerian businesses are keen on exporting olive oil, caromic powder, margarine, and sauces to Vietnam, showcasing a mutual interest in expanding trade relations between the two nations.
#VietnamTrade #AlgeriaBusiness #TradePartnership #InternationalTrade #TradePromotion #NewsUpdate #TradeRelations #InvestmentOpportunities #BusinessCollaboration
