Nirmala Sitharaman to visit Algeria next week for Algiers Trade Fair

NEW DELHI: Commerce and Industry Minister Nirmala Sitharaman will visit Algeria, the fourth-largest economy in the African continent, next week to discuss ways to boost trade and investment between the two countries.

India has been given the status of "Guest of Honour country" for the Algiers International Trade Fair, commencing from May 26, Ficci said in a statement.

The Minister, who is leading a business delegation, would jointly inaugurate the India Pavilion of the international trade fair with the Prime Minister of Algeria.

The fair would conclude on June 1. On the sidelines of the event, India-Algeria Joint Commission meeting will take place after a long time. The last meeting was held in 2003.

The Indian business delegation comprises more than 70 leading companies representing various sectors like auto, construction, food & beverages, agriculture equipment and tyre.

"India's top brands like Tata Motors, Sonalika, Preet Tractors, L&T, IRCON, C&S Electric, Kohinoor Foods, JK International, Raymonds, Shapoorji Paloonji and Bry Air are showcasing their products and expertise in the fair," it said.

The fair provides a platform to Indian companies to showcase their technological, engineering and service capabilities and also offers opportunity for interactions with Algerian counterparts.

The Algerian economy benefits from its vast natural resources as huge hydrocarbon reserves are present in that country.

"Considering the economic development and growth of Algeria, there is a vast untapped potential for enhancing exports to the country," it said.

Indian exports to Algeria have doubled since 2009-10 from USD 572 million to USD 1.1 billion in 2014-15.

The diverse range of products exported from India include automobiles, machinery, pharmaceuticals, mobile phones, chickpeas, milk powder, rice, spices and cashew nuts.

"There are many untapped and existing opportunities for Indian business to explore particularly in areas like hydrocarbons, phosphate and fertilisers and agriculture," it added.