WAM Algiers, Apr 30th, 2012 (WAM)--Eng. Sultan Al Mansouri, Minister of Economy stressed the importance of achievements scored by the Joint UAE- Algerian Committee regarding boosting of the bilateral relations.

He cited the number of agreements and memoranda of understanding signed in a short time in the implementation of the directives by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Algerian President Abdelaziz Bouteflika.

The UAE minister said in his inaugural speech today here in Algiers in the 10th meeting of the Joint UAE- Algerian Economic Committee in the presence of Algerian Finance Minister Karim Jodi, said, "despite the level reached in the economic, trade and investment fields, there are still huge potentials that require more efforts in the public and private sectors to serve the mutual interests of the two peoples." He added that non oil trade exchange surged from $304 million in 2009 to $687.3 million in 2011 at the growth rate of 72.1 per cent. The UAE imports from Algeria grew by 504 per cent over the last three years.

Al Mansouri welcomed the efforts being exerted by the private sector in both countries to expand the economic cooperation and explore potential investment opportunities in both countries.

For his part, the Algerian minister said the UAE and Algeria have huge potentials to fulfill endeavours of the leadership in both countries. He stressed the importance of trade exchange and investment, calling for a need to tackle challenges to address joint objectives.

Jodi called on UAE businesspersons to boost their investments in Algeria, pledging that his country will clear hurdles that could affect the progress of projects.

The Algerian Finance minister highlighted the latest economic developments in Algeria, which is witnessing stability and growth, thanks to the reformation plans and efforts being exerted to strengthen all the economic sectors and investment of oil revenues to achieve sustainable and comprehensive development.

The two sides discussed ways to bolster the cooperation ties and explore new sectors to upgrade the cooperation. They also discussed the bilateral relations, especially at the economic, trade and investment levels, as well as mechanisms to boost cooperation in the sectors of trade, financial cooperation, education, civil aviation and joint projects in the areas of banking and industry.

WAM/MN