0931 GMT October 15, 2019
The two countries inked 19 memoranda of understanding (MoUs) in a ceremony on Tuesday attended by Iran's Minister of Industries, Mines and Trade Mohammadreza Nematzadeh and his Algerian counterpart Abdeslam Bouchouareb, Fars News Agency reported.
The MoUs permit a number of Iranian automakers to gain a foothold in North Africa to manufacture cars, vans and trucks.
Nematzadeh said that there are no restrictions on cooperation between Iranian and Algerian companies.
Bouchouareb, who is in Iran at the head of a 100-member delegation from Algerian companies, said the visit provided a good opportunity for them to get acquainted with Iran's capabilities and weigh plans for closer cooperation.
In late February, Iranian Ambassador in Algiers Reza Ameri called on Algerian entrepreneurs and companies to visit Tehran to boost economic cooperation between the two countries.
Addressing the Algerian-Iranian Business Forum in Algiers, Ambassador Ameri outlined the capacities in Iranian economy, trade and technology, noting that the two sides have a lot to gain by broadening trade and economic cooperation in the fields.
He noted that the current economic cooperation does not reflect the huge potentials of the two countries, and called for intensifying efforts and boosting the existing mechanisms in order to develop the economic relations.
Also, Chairman of the Iran-Algeria Joint Commission Abdul-Majeed Khabzi said he was surprised to see Iran's great economic achievements during his recent visit to Tehran, adding that the private sector in Algeria is willing to open a new chapter in ties with their Iranian counterparts.