TEHRAN- The Governor of the Central Bank of Iran met and held talks with Mohand Bouri, Governor of the Central Bank of Algeria, on the sidelines of the Annual Meeting of the International Monetary Fund (IMF).
At the meeting, the two sides discussed and exchanged views on the latest status of monetary, banking, and trade relations between the two countries. Enhancing the level of joint economic cooperation and utilizing mutual capacities to strengthen bilateral trade interactions were among the most important themes of the meeting.
The Governor of the Central Bank of Iran, referring to the historical and political commonalities between Iran and Algeria, emphasized the serious determination of the Islamic Republic of Iran to develop and consolidate economic relations with friendly and brotherly countries.
The Governor of the Central Bank of Algeria, while expressing satisfaction with the meeting, emphasized his country’s readiness to expand economic and banking cooperation with Iran and the need to follow up on mutual agreements in line with the interests of the two nations.
In late December, Saeed Zare’ Haghighi, the head of Iran Trade Center in Algeria, said that Algeria’s infrastructure needs offer significant opportunities for exporting technical and engineering services, making the North African country a largely untapped economic market.
He said Africa — and Algeria in particular — should be seen as a strategic destination for the private sector, noting that limited numbers of commercial counsellors made targeted entry into new markets essential.
He described Algeria as a geopolitically secure country with a strategic location close to Europe, adding that after the decline in Russian energy exports, about 20 percent of Europe’s oil and gas is now supplied by Algeria.
Zare’ Haghighi said Algeria’s foreign currency revenues had risen from around $50 billion to more than $300 billion in recent years, generating a trade surplus of $20 billion to $30 billion and creating broad scope for economic cooperation.
He pointed to strong demand in Algeria for technical and engineering services, infrastructure projects, and the construction of silos and storage facilities linked to food security, saying Iranian companies had the technical know-how and experience to meet these needs.
He also highlighted Algeria’s industrial and mining potential, including steel and phosphate, and said the trade center was ready to identify opportunities, guide exporters and promote participation in specialized exhibitions, drawing on models used by countries such as Turkey that combine trade with on-the-ground investment.
EF/MA
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