International Development News
Development News Edition

Algeria news: Algiers looks forward to boost strategic partnership with Seoul


Algeria news: Algiers looks forward to boost strategic partnership with Seoul
The conclusion was drawn up at the end of the visit by South Korean Prime Minister Lee Nak-yeon to Algeria Tuesday, after he co-chaired with his Algerian counterpart, Ahmed Ouyahia, the fifth Algerian-Korean Business Forum (Image Credit: Pixabay)

Algeria and South Korea agreed on December 18 that a great potential can be exploited in their bilateral partnership.

The conclusion was drawn up at the end of the visit by South Korean Prime Minister Lee Nak-yeon to Algeria Tuesday, after he co-chaired with his Algerian counterpart, Ahmed Ouyahia, the fifth Algerian-Korean Business Forum.

Ouyahia called on Korean investors to further strengthen their presence in Algeria, a gateway to Africa, Europe and the Arab world, vowing to offer multiple benefits and advantages to foreign investors, including long-term tax exemption, and customs duties exemption.

Ouyahia hailed the development of a partnership between the two countries, especially in the electronics and automotive industries.

The South Korean prime minister, for his part, said that there are a large number of areas where the two countries can and must cooperate, for example, the manufacturing industry, Xinhuanews reported.

He also said that the two countries should boost cooperation in the fields of information and communication technology, renewable energy, industrial plants, power stations, refineries and environmental facilities for the treatment of water and wastes.

"We can create new opportunities and start institutionalizing dialogue between governments and institutions of the two countries, to pave the way for further meetings between Algerian and Korean businessmen," Lee noted, expressing the great interest of Korean companies to contributing to the Algerian economy.

On Monday, December 17, Algeria and South Korea signed five memorandums of understanding covering various fields.

The agreements involved environment protection, the modernization of customs, investment cooperation and renewable energies.

Earlier on Monday, an association pact was signed between the Korean auto giant Hyundai and the Algerian company of Global Group over the establishment of a truck and bus plant in Batna Province, 425 km southeast of the capital Algiers.


TRENDING

OPINION/BLOG/INTERVIEW

How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...

Our school campaigns are our strongest ally: Joaquin Antuna, founder of Peace and Cooperation

Joaquin Antuna is the founder of Peace and Cooperation, a Spanish NGO which was nominated as peace messenger by the United Nations in 1986. Antuna is of very firm opinion that in order to have an incisive impact on the community we live in,...

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....

Videos

Latest News

UPDATE 2-Israel says attacks military targets in Syria in retaliation for Tuesday rockets

Israel attacked Iranian and Syrian military targets in Syria on Wednesday in what it said was retaliation for rockets fired toward Israel the day before, military spokesman Lieutenant-Colonel Avichay Adraee said.Syrias air defences were abl...

Israel says strikes dozens of Iranian, Syrian targets in Syria

Israeli aircraft struck dozens of Iranian and Syrian targets in Syria on Wednesday, the Israeli military said, in what it described as a retaliatory attack.In response to the rockets fired by an Iranian force from Syrian territory at Israel...

UPDATE 1-Cricket-Ferguson's NZ test debut delayed, misses out against England

New Zealand fast bowler Lockie Fergusons long wait for a test debut continues after he was overlooked on Wednesday for the side to face England in the first game of the two-match series at Mt. Maunganui.Captain Kane Williamson told reporter...

Bruins' Bergeron out again with lower-body injury

The injury-riddled Boston Bruins were without another key player Tuesday night, when center Patrice Bergeron missed his second straight game due to a lower-body injury. It was initially expected that Bergeron, 34, would play against the hos...

Give Feedback