ALGIERS, Algeria – A pivotal meeting between Algeria’s Energy and Mines Minister, Mohamed Arkab, and Sheref Cengiz, Board Member at Eti BAKIR, a subsidiary of Turkey’s Cengiz Holding, has ignited hopes for substantial collaboration in the North African nation’s mining and energy sectors. This encounter, held on February 1st, 2024, signifies a burgeoning partnership fueled by Algeria’s recent investment reforms and Turkey’s growing global footprint.
Eti BAKIR, a leading copper producer under the umbrella of Cengiz Holding, embodies Turkey’s ambitions in the energy and mining domains. Their interest in Algeria aligns perfectly with the country’s revised investment law enacted in 2022. This law, hailed as a game-changer, aims to attract foreign capital by streamlining procedures, offering tax incentives, guaranteeing profit repatriation, and bolstering investor protections.
The meeting delved into concrete avenues for collaboration, exploring potential joint ventures in:
- Exploiting and processing mineral resources: Algeria boasts vast reserves of iron, phosphates, and other valuable minerals, presenting lucrative opportunities for extraction and processing.
- Developing industrial infrastructure: Building robust infrastructure for energy and mining operations is crucial for facilitating efficient production and transportation.
- Local manufacturing of equipment: Partnering with local companies to manufacture equipment within Algeria can create jobs, foster technology transfer, and reduce dependence on imports.
Minister Arkab emphasized Algeria’s development strategy, prioritizing investments in renewable energy and partnerships with foreign companies. He highlighted the country’s favorable investment climate, characterized by abundant natural resources, a growing economy, and strong existing ties with Turkish energy and mining companies.
Cengiz, reciprocating the enthusiasm, expressed Cengiz Holding’s keen interest in investing in Algeria, particularly in mining, renewable energy, and infrastructure development. He emphasized the desire for mutually beneficial partnerships that leverage local manufacturing capabilities and contribute to the country’s economic growth.
Following this fruitful dialogue, Cengiz Holding officials engaged with Algerian mining sector representatives to delve deeper into potential projects and collaborations. This signifies a concrete step towards translating intentions into tangible outcomes.
The 2022 investment law acts as a cornerstone for this burgeoning partnership. By simplifying procedures, offering tax breaks, and guaranteeing profit repatriation, it creates a more transparent and investor-friendly environment. This, coupled with Algeria’s rich resources and strategic location, makes it an increasingly attractive destination for foreign investors, particularly in the energy and mining sectors.
The meeting between Minister Arkab and Mr. Cengiz represents a significant step towards deepening Algerian-Turkish cooperation in the energy and mining sectors. This collaboration holds immense potential to benefit both nations:
- For Algeria: Attracting foreign investment, creating jobs, boosting economic growth, and diversifying the energy mix through renewable energy partnerships.
- For Turkey: Expanding its global reach, securing access to valuable resources, and contributing to Algeria’s development through technology transfer and expertise.
This strategic partnership, fueled by shared interests and facilitated by the Algerian New Investment Law, has the potential to unlock significant economic opportunities for both countries. As the dialogue progresses and concrete projects materialize, the future of Algerian-Turkish collaboration in the energy and mining sectors appears bright.
