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The signing ceremony took place at the end of the ninth session of the Vietnam-Algeria Inter-Governmental Commission on Trade, Economic and Technological Cooperation, which concluded in Algiers on February 28.
Both Vietnamese Minister of Construction Nguyen Hong Quan and Minister of Industry, Small and Medium-sized Enterprises and Promotion of Investment Mohamed Benmeradi agreed to set up a joint committee to define necessary conditions to implement the MoU.
At the three-day session, the two ministers emphasised their determination to promote economic and trade cooperation between Vietnam and Algeria based on the two countries’ fine political relations.
Minister Benmeradi said his government highlighted Vietnam’s achievements in agriculture and industry and wants Vietnamese private and state businesses to increase their investment in the country’s mechanics and electronics.
Algeria wants to get rid of its dependence on petrol exports, he said, adding that his country wishes for Vietnam to become involved in its socio-economic development projects, that have been approved with a budget of $286 billion in the next five years.
He said that Algeria can become a bridge helping Vietnam integrate into the African market and Vietnam can help Algeria access the Southeast Asian market.
The minister said he hoped Vietnamese businesses would increase imports of Algerian goods to help reduce the trade deficit.
Algeria is optimistic about the prospect of bilateral cooperation which was promoted through State President Nguyen Minh Triet’s official visit to Algeria in April, 2010.
The Algerian side recognised Vietnam’s will to pay its debt to the country under the agreement reached between the two sides at their sixth session in Hanoi.
For his part, Minister Quan expressed the hope that Algeria would create favourable conditions for Vietnam to pay off its debt to Algeria.
The minister said Vietnam could export construction materials to pay off its debt under international regulations or Algeria could import rice from Vietnam.
The minister emphasised that the two countries’ ministries and sectors need to further facilitate both countries’ businesses in trade cooperation and partnership or even expand partnership to a third country.
Earlier, almost 40 businesses in construction and construction materials production attended the Vietnam-Algeria business forum that took place on February 27.
Talking with the Vietnam News Agency correspondent in Algeria, Minister Quan affirmed the session marked new progress in the two countries’ economic and trade relationship.