(Ecofin Agency) - Algeria and Italy plan to collaborate in the field of startups and innovation, mainly focusing on financing, technology transfer, and research and development.

Yacine El-Mahdi Oualid (pictured), the Algerian Minister Delegate to the Prime Minister in charge of the Knowledge Economy and Startups and the Italian Minister of Innovation agreed to set up this high-level exchange program on 7 August 2020.

The agreement between the two parties was reached during a working visit by Yacine El-Mahdi Oualid as part of the partnership in innovation and promotion of startups between the two countries. The objective is to open new business opportunities for Algerian startups in foreign markets, especially Europe, and access to African markets for Italian investors via Algeria.

The Memorandum of Understanding is expected to be signed once all the details have been studied.