China-Algeria Trade has Great Potential: MOFTEC

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Last updated at: (Beijing Time) Friday, August 23, 2002

China-Algeria Trade has Great Potential: MOFTEC

China is willing to work with Algeria to explore new strategies to take bilateral trade to a new level on the basis of mutual benefit, a senior Chinese trade official said Friday.

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China is willing to work with Algeria to explore new strategies to take bilateral trade to a new level on the basis of mutual benefit, a senior Chinese trade official said Friday.

Trade between China and Algeria has enjoyed smooth progress since the establishment of diplomatic ties in 1958, especially in the 1990s, said the official in charge of the West Asian and African Affairs Department of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

The official made the remarks on the eve of Chinese Premier Zhu Rongji's visit to Algeria beginning Sunday.

MOFTEC figures show that trade between the two countries amounted to 290 million US dollars in 2001, up 47 percent year-on-year. China's exports rose 28.6 percent to 220 million US dollars and imports surged 169.8 percent to nearly 70 million US dollars.

In the first six months of 2002, the trade volume reached 150 million US dollars, with China's exports and imports accounting for 140 million US dollars and 15.4 million US dollars, respectively.

China's principle exports to Algeria include electronic products and machinery, garments, textiles, tea, footwear, pottery and porcelain, travel-use items and suitcases. Algeria's exports to China consist mainly of liquefied petroleum gas. The two countries signed a new trade agreement during Chinese President Jiang Zemin's visit Algeria in 1999. As a result, Algeria's exports to China grew from 120,000 US dollars in 1998 to15.4 million US dollars in the first half of 2002.

China and Algeria, as developing countries, are both faced with the challenge of stepping up economic development while improving the people's standard of living. Cementing bilateral ties thus serves the interests of both nations, the MOFTEC official said.

Algeria is a key market for Chinese construction contractors. Up to June this year, Chinese enterprises had signed contracts for construction projects valued at 1.84 billion US dollars in Algeria,with a total turnover of 910 million US dollars.

At the same time, eight Chinese enterprises had set up businesses in Algeria, with a contractual investment of about 2.5 million US dollars. They mainly engage in trade, manufacturing light industrial products and textiles.

According to the officials, China is providing greater access to its market as a member of the World Trade Organization (WTO), and Algeria is trying to enter the WTO. That will bring new opportunities for cooperation between the two countries.

China encourages its enterprises to import Algerian products, and welcomes Algerian entrepreneurs to come to China to seek business opportunities, the official said.

China is ready to explore new areas and forms to expand trade and economic cooperation with Algeria, including joint investment in developing profitable products in the fields of petroleum gas, telecommunications facilities, home appliances and farm produce processing, he said.

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