A framework agreement was signed in Algiers by the Minister of Industry and Mines, Abdeslam Bouchouareb and Chinese Vice Minister of Commerce, Qian Keming for the implementation of a series of infrastructure projects with the involvement of companies Chinese in performance of the new Algerian economic model, in which the industrial sector occupies a prominent place. This agreement reflects the new path of economic cooperation between Algeria and China with the launch of various industrial projects and prospects in the exploration and exploitation of mines and in new technologies.

In this context, among the objectives of the Convention signed at the headquarters of the Ministry of Industry and Mines, was announced the creation of a new platform that can promote the joint implementation of measures to modernize production capacities and development through the access of businesses to new industrial technologies with the transfer and optimization of production capacities. Among the sectors the most involved are the manufacturing industries, the construction of supporting infrastructure, exploitation of resources and energies through partnerships, foreign direct investment, trade in equipment and technical cooperation. 

There are ten sectors of activity covered by this new agreement between Algeria and China: engineering, railway, steel industry, infrastructure, petrochemical, renewable energy and energy efficiency, oil and gas, engineering, processing of mine products, materials construction, household appliances. By the end of 2015, the Algerian Central Bank had issued a note it provided that imports from China were settled in the Chinese currency. The decision was reaffirmed by Algerian Minister of Industry, Abdesselam Bouchouareb in the occasion of the cooperation agreement signed with China. As reported by the Central Bank Algerian “being China – first trading partner of Algeria, imports from this country should be adjusted in the Chinese currency. Such a formula would eliminate the prizes for the exchange risk coverage in the case of payment another currency”.


Source: medNews