Austrian institutions have expressed interest in investing in Algeria and expanding economic partnerships in multiple sectors. This was evident during the Algerian-Austrian Business Forum, which saw the participation of a 22-strong economic delegation led by Austrian Federal Minister for Economics, Energy, and Tourism, Wolfgang Hatzmansdorfer. The forum highlighted potential areas of cooperation, including renewable energy, clean and green technologies, advanced materials, and industrial modernization.
Hatzmansdorfer emphasized that Austrian institutions possess technologies and products that can meet the needs of the Algerian market. He noted that Algeria's geographical proximity to Europe offers opportunities for enhanced cooperation between institutions in both countries. The Austrian delegation's visit aims to strengthen economic ties and explore new investment opportunities in Algeria.
Yochan Danninger, Secretary General of the Austrian Federal Economic Chamber, reiterated Austria's desire to deepen its economic partnership with Algeria. He identified sectors such as energy, renewable energy, hydrogen, water, environmental technologies, agriculture, and food processing as areas with significant potential for cooperation. Danninger believes Algeria has substantial capabilities that could enable it to play a crucial role in the future energy landscape of the Mediterranean region and Europe.
Lisa Kronerreif, representative of the commercial section of the Austrian Embassy in Algeria, noted that around 50 Austrian institutions are already active in Algeria in partnership with local companies. She highlighted the potential for developing exchanges, driven by the diversity of the Algerian economy and the expansion of its infrastructure. Austrian companies are keen to explore opportunities in the Algerian market.
Murad Alouach, head of the Energy Committee at the Algerian Economic Renewal Council, urged Austrian institutions to transition from marketing activities to establishing actual industrial partnerships. He emphasized the importance of partnerships in sectors such as food processing, hydrogen, and mining. Alouach encouraged Austrian companies to invest in Algeria's industrial sectors.
Mahfouz Akba, Director at the Algerian Investment Promotion Agency, highlighted the reforms undertaken by Algeria to improve the business climate and provide favorable conditions for local and foreign investors. He encouraged Austrian companies to take advantage of these opportunities and invest in Algeria. The Algerian government has implemented measures to facilitate investment and promote economic growth.
Rabah Charaf, representative of the Algerian Chamber of Commerce and Industry, called for the acceleration of memoranda of understanding and cooperation agreements with the Austrian Federal Economic Chamber. He emphasized that this would contribute to the development of exchanges and the enhancement of economic partnerships between the two countries. The forum concluded with the signing of a letter of intent between Algerian company Industriesoft and Austrian company Palfinger EMEA GmbH.
Key points
- Austrian institutions express interest in investing in Algeria's renewable energy and clean technologies sectors.
- Algeria and Austria explore opportunities for cooperation in sectors such as energy, hydrogen, and food processing.
- The two countries aim to strengthen economic ties and promote investment through partnerships and agreements.
