President Droupadi Murmu addressed the India-Algeria Economic Forum on Monday, emphasizing the need for stronger economic ties between the two nations. In her speech, she expressed her desire for a “new era of cooperation” between India and Algeria, signaling opportunities for enhanced collaboration.
A New Chapter in India-Algeria Relations
This forum, the first of its kind, was organized jointly by the Algerian Economic Renewal Council and the Federation of Indian Chambers of Commerce and Industry (FICCI). It brought together business and government leaders from both countries. The Ministry of External Affairs (MEA) stated that this event marked a significant step in deepening bilateral relations.
Acknowledging Algeria’s Reforms
President Murmu praised the Algerian government’s reform efforts under the leadership of President Abdelmadjid Tebboune. She noted the positive changes taking place in the country and commended Tebboune for his commitment to inclusive growth and democratic progress. “I commend the transformative reforms that have been introduced by the Algerian Government under his able leadership,” she remarked.
Historical Ties and Shared Values
Highlighting the historical connection between India and Algeria, President Murmu recalled India’s support for Algeria during its fight for independence. She stressed the shared values of both nations and their common goals for peace and prosperity. “India had extended strong support to the Algerian struggle for freedom, and today, India and Algeria are committed to embark on the path of peace and prosperity,” she said.
India-Africa Relations and Algeria’s Growth
Murmu pointed to India’s growing relationship with Africa, stating that India is the fourth-largest trading partner of the continent, with bilateral trade amounting to USD 84 billion and investments over USD 75 billion. She also highlighted Algeria’s economic progress, with a 4% GDP growth and 9,000 new investment projects in the last two years. Encouraging Indian businesses to engage with Algeria, she said, “I encourage our companies to remain engaged and invested in the opportunities that the Algerian economy offers.”
Untapped Trade Potential
India-Algeria trade currently stands at USD 1.7 billion, but President Murmu emphasized the potential for further growth in key sectors like energy, construction, automobiles, fertilizers, and pharmaceuticals. She urged both countries to explore new areas for collaboration and investment, indicating untapped potential that could be harnessed.
India’s Economic Progress and Opportunities
Murmu also highlighted India’s transformation into a USD 4 trillion economy, attributing it to political stability, policy predictability, and a reform-oriented approach. She cited initiatives like the Production Linked Incentive (PLI) Scheme, the India Semiconductor Mission, and the establishment of smart industrial cities as examples of recent reforms that have improved the business environment in India. “In today’s uncertain global environment, India’s rapid rise stands out… This has made it easy for businesses to establish and grow in India,” she explained.
Inviting Algerian Participation in India’s Growth
President Murmu extended an invitation to Algerian businesses to participate in India’s “Make in India” and “Make for World” initiatives. She mentioned India’s accomplishments in areas such as science, technology, fintech, pharma, space, startups, and renewable energy, offering to share these experiences with Algeria. “I invite Algerian companies to join our Make in India and Make for World initiatives,” she said, emphasizing the mutual benefits of collaboration.
Strengthening Bilateral Relations
In addition to economic cooperation, President Murmu praised the Indian community in Algeria for their contributions to the country’s development. She described this community as a “bridge” between India and Algeria, further strengthening their relationship.
As her visit to Algeria marked part of a three-nation tour of Africa, which includes stops in Mauritania and Malawi, Murmu held talks with Algerian President Abdelmadjid Tebboune at the El Mouradia Palace. She also met with the Speaker of the Council of the Nation of Algeria.
Looking Ahead
In her closing remarks, President Murmu reaffirmed the commitment of both India and Algeria to strengthening their partnership. “President Tebboune and I firmly believe that it is time that we further strengthen this partnership and impart momentum towards a new era of cooperation between our two countries,” she concluded.
Her visit underscores India’s commitment to fostering stronger ties with African nations, with a particular focus on enhancing economic and diplomatic relations.