Chinese companies get invitation from Algeria to contribute in economic diversification

Algerian Finance Minister Mohamed Loukal has invited the Chinese companies to help diversify Algeria's oil-dependent economy.

In a recent meeting with Chinese Ambassador to Algeria Li Lianhe, Mohamed Loukal extoled the positive contribution of Chinese companies to the construction of major projects in the country, said a statement from the Finance Ministry.

For his part, the Chinese diplomat, who took office in Algeria’s capital, Algiers in December last year, opined that his task is to create new impetus to the bilateral relations, particularly through boosting investment and partnership projects, as reported by Xinhua.

Last October, Algeria's former Minister of Industry and Mines Youcef Yousfi voiced hope to speed up the talks on how to help Chinese companies to invest in Algeria's sectors including textile, steel, electronics and mining.

Algeria and China enjoy strong political, diplomatic, economic and trade relations. China maintained the largest commodity supplier of Algeria during the first quarter of 2019.The Chinese companies are also invited to contribute to the diversification of Algerian economy and decrease of its dependence on hydrocarbons.

Algeria is seeking to diversify its economy and its exports amid the fall of oil price, as the North African nation's economy is fully dependent on oil revenues, Xinhua further noted.

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