China is set to invest $36 billion in several sectors in Algeria, including industry, modern technology, knowledge economy, transport, and agriculture. This news was relayed by Ennahar TV, citing Algerian President Abdelmadjid Tebboune.
During a meeting in the Shenzhen region with representatives of the Algerian community in China, the Algerian president said, “The projects and agreements concluded with the Chinese side are huge and mutually beneficial for both countries.”
President Tebboune has been on an official visit to China for several days, during which he met with his Chinese counterpart, Xi Jinping, in Beijing on Tuesday.
On Thursday, Tebboune stated that Algeria seeks to elevate its economic relations with Beijing to the level of “good historical political relations”, adding that his visit opened “all investment prospects” between the two countries.
Chinese President Xi Jinping called for strengthening relations with Algeria during a meeting held in Beijing with his Algerian counterpart Abdelmadjid Tebboune on Tuesday, as Beijing seeks to diversify its energy supply sources.
During their meeting at the People’s Palace in Beijing, the Chinese president told his Algerian counterpart that “China is ready to work with Algeria to enhance strategic communication, deepen exchange and cooperation, and ensure the continuous and long-term development of the comprehensive strategic partnership between China and Algeria.”
Algeria, Africa’s largest natural gas exporter, is seeking to join the BRICS group, which includes Russia and China, and presents itself as a counterweight to the dominant Western economic powers.
