The head of the Central Bank of Iran held a meeting with Mohan Bourri, the head of the Central Bank of Algeria, during the annual meeting of the International Monetary Fund (IMF).
During this meeting, the parties exchanged views on the current state of monetary, banking, and trade relations between the two countries. Key topics of discussion included increasing the level of joint economic interaction and utilizing mutual opportunities to strengthen bilateral trade.
The head of the Central Bank of Iran, citing the historical and political commonalities between Iran and Algeria, emphasized the firm intention of the Islamic Republic of Iran to develop and strengthen economic ties with friendly and brotherly nations.
The head of the Central Bank of Algeria, expressing satisfaction with the meeting, highlighted his country's readiness to expand economic and banking cooperation with Iran, as well as the necessity of adhering to mutual agreements in the interests of both nations.
At the end of December, Said Zare' Haghighi, head of the Iranian Trade Center in Algeria, noted that Algeria's infrastructure needs present significant opportunities for the export of technical and engineering services, turning North Africa into a largely untapped economic market.
He stated that Africa, and Algeria in particular, should be considered a strategic direction for the private sector, noting that the limited number of commercial advisors makes targeted penetration into new markets extremely important.
Haghighi characterized Algeria as a geopolitically stable country with a strategic location near Europe, adding that after the decline in Russian energy exports, about twenty percent of Europe's oil and gas is now supplied from Algeria.
According to Zare' Haghighi, Algeria's currency revenues have grown from approximately $50 billion to over $300 billion in recent years, resulting in a trade surplus of between $20 and $30 billion and creating broad prospects for economic cooperation.
He pointed to high demand in Algeria for technical and engineering services, infrastructure projects, as well as the construction of silos and warehouses related to food security, stating that Iranian companies possess the necessary technical knowledge and experience to meet these needs.
Furthermore, he highlighted Algeria's industrial and mining potential, including steel and phosphate production, and reported that the trade center is ready to identify opportunities, guide exporters, and facilitate participation in specialized exhibitions, using models employed by countries such as Turkey that combine trade with on-site investment.
