Algeria to invest in power, gas and oil sectors in India
18-05-08 North African nation Algeria wants to invest in sectors like power, gas and oil in India and is trying to attract investments in sectors like banking and finance, agriculture, IT, fisheries, construction and real estate, infrastructure, fertilizer and hydrocarbons.
Since the backbone of Algeria's Economy is hydrocarbons, Algerian Companies are eager to invest in these sectors in India, said Noureddine Bardad-Daidj, ambassador of Algeria.
"Our economic growth rate is 6 % in the last six years and to reduce dependence on hydrocarbons we are attracting FDI in fisheries, agriculture, pharmaceuticals, telecommunication, real estate from different nations," he told.
"Volume of trade between India and Algeria stood at $ 1.4 bn in 2007," he said.
Indian exports to Algeria include auto parts, textiles, cosmetics, light engineering items, milk products and iron ore while imported items include natural gas, lubricants, petroleum, phosphate and minerals.
Visiting Salt Lake's Sector V, a quiteimpressed ambassador is eager to enhance trade in the IT sector between both the nations.
Source: www.financialexpress.com
