ISLAMABAD: Algerian Ambassador Dr Brahim Romani on Wednesday invited Pakistani businessmen and investors to explore opportunities in various sectors, including agriculture, industry, pharmaceuticals, information technology and textiles, to strengthen economic cooperation between the two countries.
Speaking at a reception marking the 72nd anniversary of Algeria’s National Day, Ambassador Dr Brahim Romani said Algeria was emerging as an attractive destination for foreign investment, offering significant economic potential, political stability and investor-friendly policies.
Federal Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry was the chief guest at the event attended by diplomats, officials and members of the business community.
The ambassador said Algeria’s investment law of 2022 granted equal rights and privileges to domestic and foreign investors.
The Algerian Investment Promotion Agency had registered more than 17,000 projects over the past four years, including 300 involving foreign investors from different continents.
He said Algeria, under President Abdelmadjid Tebboune, was undergoing rapid economic development and was expected to achieve a grossdomestic product of around $400 billion by 2027, becoming Africa’s third-largest economy with almost no external debt.
Highlighting the country’s strategic position and energy resources, Dr Romani said Algeria was Africa’s leading gas producer and exporter, the continent’s fourth-largest oil producer and Europe’s largest gas supplier.
The ambassador said Algeria and its European partners were also developing the 3,300-kilometre South2 hydrogen corridor linking Algeria, Tunisia, Italy, Austria and Germany.
Recalling the historic ties between the two countries, he said Pakistan had supported Algeria’s liberation struggle, rec-ognised its provisional government in 1958 and stood by it at the United Nations until independence in 1962.
Dr Romani said the two countries had considerable economic potential and expertise and expressed hope that bilateral cooperation would become more fruitful.
Addressing a reception, Dr Tariq Fazal Chaudhry, on behalf of the government and prime minister, congratulated the Algerian government and people on the occasion.
‘Pakistan reaffirms its commitment to strengthening bilateral relations with Algeria, highlighting shared history, mutual respect and common values,’ he said.