Algeria has underlined the need to engage in more efforts to scale up bilateral collaboration with Bangladesh.

Bangladesh stressed the need for expanding cooperation in new and emerging areas through a time-bound and target-oriented roadmap and expediting pending agreements, MOUs, and new areas of collaboration.

Algeria agreed to conclude those agreements as soon as possible, said the ministry of foreign affairs on Thursday.

Minister of finance and head of Algerian delegation to BRICS Outreach Forum, Laaziz Faid, had a courtesy meeting with Bangladesh foreign minister AK Abdul Momen on Wednesday in Johannesburg, South Africa.

While reflecting on the current energy crisis, given the growing demand in Bangladesh due to the expansion of the economy, the foreign minister stated that Bangladesh needs support from Algeria to meet its energy needs.

He expressed Bangladesh’s keen interest in buying LNG from Algeria.

The foreign minister and the Algerian finance minister exchanged views on various bilateral issues of mutual interests.

The foreign minister informed the long historical relations between both countries, which was pioneered by Bangladesh’s founding president Sheikh Mujibur Rahman.

He expressed satisfaction at the state of excellent bilateral relations between Bangladesh and Algeria, which is growing in various fields including political, economic, business, trade, and investment.

Momen informed him about Bangladesh’s earnest interest in joining BRICS.

The Algerian finance minister referred to the NAM Summit of 1973 and defined BRICS as a fruit of NAM.

Both parties agreed that despite excellent relations there are still huge untapped prospects between the countries.

Momen requested the Algerian finance minister to expedite the process of completing the agreement on Reciprocal bilateral promotion and protection of investment and Avoidance of double taxation.

He also informed the Algerian finance minister about the socio-economic development and economic prospects.

Highlighting that Bangladeshi pharmaceuticals export to more than 100 countries, the foreign minister suggested that Algeria can import the best quality pharmaceutical products from Bangladesh at a reasonably low price.

Both countries may also start a joint venture on pharmaceuticals.

He also proposed cooperation in IT and ICT sectors, defence, construction sectors, edible oil, and agriculture.

Both countries also agreed to hold high-level visits in the next year.

During the meeting, the Algerian finance minister said he would take up the issue with the concerned stakeholders.

Bangladesh ambassador to Algeria and foreign ministry officials were also present during the meeting.