Algeria aspires to become a major player in facilitating and ensuring trade in Africa and the Arab-Muslim world, as part of its support for initiatives aimed at promoting fair and dynamic international trade, Finance Minister Laaziz Faid.
Mr Faid was speaking last week at the opening of the 14th Annual General Assembly of the Union of Insurers and Reinsurers of Commercial and Non-Commercial Risks of the Countries of the Organization of Islamic Cooperation (AMAN Union), held on 1-3 December in Algiers.
He said that risk management in international commerce "creates a climate of confidence and serenity in favour of economic operators and transforms commercial opportunities into productive activities, thus contributing to the strengthening of regional trade and economic growth".
As part of its commitment to diversifying non-hydrocarbon exports, the minister indicated that Algeria "strongly supports efforts to promote fair international trade, considered a strategic pillar of economic growth and a lever for achieving the Sustainable Development Goals (SDGs) by 2030", according to a report by Algeria Press Service.
Noting the significant growth of Algerian exports excluding hydrocarbons in recent years, the minister estimated that this trend should "reach significant levels by 2030", thanks to legal and legislative reforms governing international transactions, the development of entrepreneurship, the strengthening of investment, the creation of a favourable environment to expand trade and encourage economic operators to access foreign markets, particularly in the Arab-Muslim and African regions.
Mr Faid also affirmed Algeria's desire to strengthen cooperation with AMAN Union for a regional dimension.
Algerian export credit insurer
Algeria appears to be well on its way to becoming a key trade insurance player. On the sidelines of the AMAN Union annual general meeting, the Algerian Export Insurance and Guarantee Company (Cagex) signed several cooperation agreements and protocols with banks and insurance companies specialising in foreign trade from different Arab, African and Muslim countries. The agreements mainly concern the exchange of commercial information relating to markets and economic operators.
The first cooperation protocol was signed between Cagex and the Jeddah-headquartered Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC).
The second protocol was signed between Cagex and the Arab Investment Guarantee and Export Credit Company (Dhaman).
In addition, Cagex signed cooperation protocols with the Saudi Export-Import Bank (Saudi EXIM bank), the Malaysian Export-Import Bank (MEXIM), the Omani Credit Institution (Sultanate of Oman), and the Nigerian Export-Import Bank (NEXIM).
Founded in 1996, Cagex is owned by 10 shareholders, including banks, public insurance companies and the Public Treasury.