Iran and Algeria have signed a series of memoranda of understanding for joint ventures in the auto sector with the goal of production in the North African country, besides agreements on geological studies and standardization.
The documents were signed in a meeting attended by Iranian Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh and Algerian Minister of Industry and Mines Abdeslam Bouchouareb during the second day of Iran-Algeria Business Forum in Tehran on Tuesday, IRNA reported.
The bulk of agreements were signed between Algerian private group Tahkout and Iranian car manufacturers SAIPA Group and IKCO, for the establishment of car factories in Algeria.
As per the agreements, SAIPA subsidiaries and IKCO will produce cars, trucks and various auto parts in Algeria. The MoUs also entail transfer of technology to the African country.
To boost cooperation in the mining sector, the Geological Survey of Iran and Algeria’s Geological Survey Agency signed an MoU on geological studies, extraction, processing and training programs.
The Algerian standardization institute IANOR also signed a draft agreement with Iranian National Standards Organization to ease standardization and licensing.
An MoU signed between Algerian Company of Fairs and Exhibitions, aka Safex, and Iran International Exhibitions Company will help promote fairs and exhibitions in the two countries.
Nematzadeh referred to Iran and Algeria’s massive oil and gas reserves, and said Tehran is ready to provide Algiers with energy expertise and petrochemical knowhow.
“We have invested $15 billion in petrochemical industries,” he said, pointing out that petrochemicals are Iran’s second largest exports after crude oil.
He also said the two countries could cooperate in infrastructure projects such as construction of roads, bridges, power plants and refineries, as well as manufacture of construction materials.
Secretary-General of International Consultants and Contractors Association of Iran Siamak Dolatshahi earlier announced that Tehran and Algiers have come to an agreement for the construction of 100,000 housing units in the African country by Iranian private sector companies within the next five years.
Bouchouareb was leading a delegation of more than 80 heads of public and private companies active in energy, agriculture, food processing, textile, pharmaceuticals as well as representatives of the Algerian Chamber of Commerce and Industry, and the National Agency for Investment Development.
