Algeria and South Korea have agreed that a great potential can be exploited in their bilateral partnership.
The conclusion was drawn up at the end of the visit by South Korean Prime Minister Lee Nak-yeon to Algeria Tuesday, after he co-chaired with his Algerian counterpart, Ahmed Ouyahia, the fifth Algerian-Korean Business Forum.
Ouyahia called on Korean investors to further strengthen their presence in Algeria, a gateway to Africa, Europe and the Arab world, vowing to offer multiple benefits and advantages to foreign investors, including long-term tax exemption, and customs duties exemption.
Ouyahia hailed development of partnership between the two countries, especially in electronics and automotive industries, reports Xinhua.
The South Korean prime minister, for his part, said that there are a large number of areas where the two countries can and must cooperate, for example, the manufacturing industry.
He also said that the two countries should boost cooperation in the fields of information and communication technology, renewable energy, industrial plants, power stations, refineries and environmental facilities for the treatment of water and wastes.
"We can create new opportunities and start institutionalizing dialogue between governments and institutions of the two countries, to pave the way for further meetings between Algerian and Korean businessmen," Lee noted, expressing the great interest of Korean companies to contributing to the Algerian economy.
On Monday, Algeria and South Korea signed five memorandums of understanding covering various fields.
The agreements involved environment protection, the modernization of customs, investment cooperation and renewable energies.
Earlier on Monday, an association pact was signed between the Korean auto giant Hyundai and the Algerian company of Global Group over the establishment of a truck and bus plant in Batna Province, 425 km southeast of the capital Algiers.