India-Algeria Economic Forum: President Murmu Calls for Improved Collaboration
India-Algeria Economic Forum: The President, Droupadi Murmu, urged the two nations to delve deeper into their cooperative ventures.."It's time to further strengthen our partnership and impart new momentum towards a new era of cooperation", said the President of India, Droupadi Murmu at the India-Algeria Economic forum.
This was the first joint event by the Algerian Economic Renewal Council and Federation of Indian Chambers of Commerce and Industry (FICCI), according to a statement issued by the Ministry of External Affairs , wherein leaders from the two countries' business and governments had participated.
President Murmu said in her speech that sure enough positive changes are taking place within the country while hailing Algerian President Abdelmadjid Tebboune's leadership in spearheading reforms.
She said "I commend the transformative reforms that have been introduced by the Algerian government under his able leadership, and appreciate Algeria's commitment to inclusive growth and democracy is truly praiseworthy".
She spoke of the historical links that existed between India and Algeria and reflected on their common values of the past.
"I recall the strong support of India towards the freedom struggle of Algeria, and today, India and Algeria are committed to embarking on the path of peace and prosperity", she said.
She said India and Africa have increasingly become important, and today India is the fourth biggest trading partner of Africa with bilateral trade reaching $84 billion and investment crossing $75 billion.
Talking about the fast pace of growth of Algeria, she said that four percent GDP growth and registration of 9,000 investment projects in the last two years and Indian companies should make use of this opportunities.
"I urge our businesses to stay engaged and invested in the opportunities that this economy presents", she said according to a statement issued by the MEA.
On India-Algeria trade presently pegged at $1.7 billion, the President admitted that there was sufficient scope for expansion into further cooperation.
She also mentioned a few major sectors such as energy, construction, automobile, fertilizers, and pharmaceuticals where cooperation could be enhanced and called for finding new areas of trade and investments.
Reaffirming that it was an adventurous and reformist government, President Murmu said the recent reforms such as the Production Linked Incentive Scheme and the India Semiconductor Mission had begun reversing the trend of a bedraggled business environment that had been making "India as a $4 trillion economy".
"That India should rise in such quick time in this uncertain global environment, is truly emblematic of a bright future for India", he added. India, she said, "has done fantastic work on the back of political stability, policy predictability, and a reform-oriented economic agenda that has ensured ease of doing business in the last few years. With a sustained growth rate of 8 percent, along with such initiatives as programs for a skilled talent pool like production linked incentive scheme, India Semiconductor mission, and the establishment of 12 smart industrial cities, new opportunities have opened up. Many other reforms to boost the manufacturing sector - like goods and services tax - are in place, which has made it easier for businesses to set up and scale up in India", she said.
She invited the Algerian companies to join India's initiatives, saying, "I invite Algerian companies to join our Make in India and Make for World initiatives. India has achieved a lot of distinction in areas such as science and technology, fintech, pharma, space, startups, and renewables. We would be happy to share our experiences with our partners in those areas in Algeria".
She also mentioned the readiness of India to share its experiences with Algeria, particularly in science, technology, IT, and renewable energy sectors. That really portrayed the scope of cooperation well.
She also appreciated the services of the Indian community in Algeria in the development sectors of the country by stating that they are a connecting link between two nations.
Summing up her address, President Murmu declared that like Algerian President Tebboune, she had vowed to strengthen the bilateral relationship between India and Algeria. "President Tebboune and I firmly believe it is time that we further strengthen this partnership and impart momentum toward a new era of cooperation between our two countries," she added.
The President is currently in Africa on a three-nation tour to Algeria, Mauritania, and Malawi from October 13 to 19.
She holds a meeting and talks with the Speaker of the Council of the Nation of the People's Democratic Republic of Algeria.
Earlier today, she met with and had talks with President Abdelmadjid Tebboune of Algeria at the El Mouradia Palace.
