China plans US$36 billion investment in various sectors in Algeria
On his official visit to China, Algerian President Abdelmadjid Tebboune announced Beijing’s intention to invest US$36 billion in different sectors of Algeria, including industry, technology, transportation, and agriculture.
The announcement was made in Shenzhen, where Tebboune, accompanied by an extensive delegation, was meeting with the Algerian community living there.
During his visit, Tebboune signed 19 cooperation and exchange agreements with Chinese President Xi Jinping.
These agreements spanned several areas, including scientific research, judiciary, social development, and renewable energy sectors, including hydrogen.
Both leaders agreed to form a team of experts to boost economic and investment cooperation.
In a joint statement, Algeria affirmed its commitment to the “one China” principle and described Taiwan as an inseparable part of China’s territory.
This stance rejects any form of Taiwan’s independence. Additionally, Algeria supported China’s stance on human rights issues.
In return, China supported Algeria’s efforts to join the BRICS, a group of emerging economies comprising Brazil, Russia, India, China, and South Africa.
China and Algeria have enjoyed positive historical relations, further deepened when Algeria joined China’s One Belt, One Road project in 2018, which aims to expand its influence in Africa.
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