Prez Murmu speaks at India-Algeria Economic Forum and calls for stronger ties Foreign Defense Security News

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President Murmu highlighted the historical ties between India and Algeria, recalling their shared values. “India has extended strong support to Algeria's struggle for independence and today, India and Algeria are committed to embarking on the path of peace and prosperity,” he noted.

He emphasized the growing importance of India-Africa relations, noting that India is now Africa's fourth largest trading partner, with bilateral trade exceeding $84 billion and investment exceeding $75 billion.

Citing Algeria's rapid progress, he highlighted the 4% GDP growth in the last two years and the registration of 9,000 investment projects, encouraging Indian companies to explore these opportunities. “I encourage our companies to get involved and invest in the opportunities that the Algerian economy offers,” he said, according to a statement from the MEA.

With India-Algeria trade currently standing at $1.7 billion, President Murmu admits that there is untapped potential for greater cooperation. He identified key sectors such as energy, construction, automobiles, fertilizers and pharmaceuticals where ties could be strengthened, while calling for the exploration of new avenues for trade and investment.

President Murmu highlighted India's progress as a $4 billion economy and cited recent reforms such as the Production Linked Incentives (PLI) scheme and the India Semiconductor Mission that have improved the business environment.

“In today’s uncertain global environment, India’s rapid rise stands out. India, now with a $4 trillion economy, has made impressive progress over the past few years due to political stability, political predictability and a reform-oriented economic agenda that has easily ensured a sustainable economy. growth rate of 8%, efficient talent pool programs such as Production Link Incentive Scheme, India Semiconductor Mission and creation of twelve smart industrial cities have given many new opportunities to the manufacturing sector such as tax on goods and services, which has made it easier to establish and expand business in India,” he said.

Inviting Algerian companies to participate in India's initiatives, he said: “I invite Algerian companies to join our Make in India and Make for World initiatives. India has achieved many successes in areas such as science and technology, fintech, pharmaceuticals, aerospace, startups and renewables.

President Murmu expressed India's willingness to share its achievements with Algeria in areas such as science, technology, IT and renewable energy, emphasizing the potential for cooperation. Furthermore, he appreciated the contribution of Algeria's Indian community in various development sectors, describing it as a bridge between the two countries.

In closing, President Murmu reiterated India and Algeria's commitment to further strengthening bilateral relations, saying: “President Teboun and I firmly believe that the time has come to further strengthen this partnership and usher in a new era of cooperation between our two countries.” countries.” “

President Murmu is on a three-country trip in Africa, visiting Algeria, Mauritania and Malawi from 13 to 19 October.

President Draupadi Murmu met with the President of the Council of the Nation of the Democratic Republic of Algeria. Earlier in the day, he met and held talks with Algerian President Abdelmadjid Teboun at El Mouradia Palace.