KUALA LUMPUR, July 4 — Malaysian investors and business community are urged to explore new opportunities in all sectors in Algeria, including in the Small and Medium Enterprises (SMEs) sector.

Algeria’s ambassador to Malaysia, Saad Maandi, said as the "New Algeria” proclaimed by its President Abdelmadjid Tebboune upon his election over two years ago offers ample investment opportunities today, Malaysian business players are most welcome to establish more cooperations in the country.

"Algeria has adopted a new bill to create an attractive climate for investment to attract foreign investment and I believe it will be a good opportunity for Malaysians to explore potential investments there.

"This is very much aligned with the Algerian President’s vision of "New Algeria” in which he made 54 commitments which cover all sectors aimed to achieve stronger, safer, and prosperous Algeria.” he said.

Maandi said this to Bernama after he paid a courtesy call on Malaysian National News Agency (Bernama)’s Chairman Senator Datuk Ras Adiba Radzi at its headquarters here, today.

To a question about how Malaysia and Algeria can boost their bilateral trade activities, he further said business players from each country should utilise the trade exchange exhibition platform scheduled to be held in Algeria next year.

"Malaysia has a very good experience and as we (in Algeria) have more potential, we want to strengthen our cooperation by exploring together. I’ve met several authorities including MATRADE and invited the business community here to attend because there’s a need to explore and identify opportunities for investment,” he said.

According to trade data platform The Observatory of Economic Complexity (OEC), it was reported that during the last 25 years, the exports of Malaysia to Algeria have increased at an annualised rate of 5.24 per cent — from US$24.3 million (RM107 million) in 1995 to US$87.1 million in 2020. — Bernama