Algeria and Spain are ramping up economic collaboration through a memorandum of understanding inked between the Algerian Economic Renewal Council (CREA) and Spain’s Confederation of Business Organizations (CEOE). Signed this Thursday in Madrid, the pact sets up a platform to deepen bilateral trade, ramp up exchanges, and forge lasting industrial alliances.
CREA stated the deal “creates a practical cooperation structure to boost commerce, encourage cross-investments, and guide firms from both nations toward high-value business prospects.”
The Algerian business group pitched a co-industrialization model centered on value creation and initial processing stages in Algeria—especially energy-intensive operations—pairing with Spain’s strengths in later production phases.
This strategy also aims to draw Spanish corporate investments into Algerian projects without shifting their core operations, fostering industrial synergy and tighter production links.
Both sides agreed to craft an action plan, pinpointing key sectors and forming specialized task forces to deliver short- and medium-term ventures.
CREA President Kamel Moula spotlighted the pact’s weight, calling it “a clear blueprint for enduring industrial ties that generate value and jobs in Algeria, rooted in Mediterranean partnership.” He said it would sharpen competitiveness for firms on both sides, hasten non-hydrocarbon trade diversification, and unlock prime investment channels through mutual growth.
CEOE head Antonio Garamendi dubbed the memorandum “the launchpad for a sturdy alliance,” poised to uncover tangible opportunities that lift business edge. Noting vast potential to broaden and deepen trade links, he framed the meeting as a milestone in economic relations, signaling shared resolve to expand cooperation and flows between the nations.