Addressing the India-Algeria Economic Forum, President Droupadi Murmu on Monday called for closer ties between both countries. She expressed, “The time has come to strengthen our partnership and create momentum for a new era of cooperation.”
The Algerian Economic Renewal Council and FICCI organized the forum, marking the first time such an event was held. Moreover, this forum set the stage for deeper collaboration between the two nations. Business and government leaders of both countries participated in the forum, the Ministry of External Affairs said.
President Murmu, in her speech, praised the reforms led by President Abdelmadjid Tebboune of Algeria. She appreciated the positive changes presently taking place in Algeria and lauded its commitment to growth and democracy. “I commend the transformative reforms introduced by the Algerian Government under his leadership,” she said.
President Murmu spoke of a long-standing relationship between the two countries, India and Algeria. She reminded the audience that India had supported Algeria in its fight for freedom. “Today, we are committed to peace and prosperity together,” she added.
She also acknowledged the growing significance of India-Africa relations. India now became the fourth-largest trading partner of Africa with trade touching USD 84 billion, with investments surpassing USD 75 billion.
She spoke about Algeria’s rapid economic progress, mentioning a 4% GDP growth and the creation of 9,000 new investment projects in the last two years, “I hope Indian companies would look at these opportunities. I urge our companies to stay engaged in Algeria’s growing economy,” she said.
Currently, the trade between India and Algeria stands at USD 1.7 billion. However, President Murmu pointed out that there is a lot of scope for further growth. She highlighted several key areas where cooperation between the two countries can expand: energy, construction, automobiles, fertilizers, and pharmaceuticals.
Furthermore, India has introduced reforms to enhance its business environment, such as the Production Linked Incentive Scheme and the India Semiconductor Mission. Additionally, these initiatives reflect India’s commitment to creating new opportunities for growth and collaboration.“These reforms improved the ease of doing business in India,” she explained.
President Murmu called on Algerian companies to be a part of India’s “Make in India” and “Make for World”. She also added, that India had fared well in matters relating to science, technology, fintech, and renewable energy, and was ready to share those experiences with Algeria.
In the end, she also promised commitment to bilateral relations deeper. “President Tebboune and I believe that this is time to take our partnership to the next level,” she said.
The President is on a three-nation tour to Algeria, Mauritania, and Malawi in Africa from October 13 to 19.
ANI
