Algiers (Algeria), Oct 15 : During the India-Algeria Economic Forum, President Droupadi Murmu has called for deeper economic cooperation between the two nations.

While addressing the forum, President Murmu said on Monday, "It is time to further strengthen our partnership and impart new momentum towards a new era of cooperation."

The event, the first of its kind, was jointly organised by the Algerian Economic Renewal Council and the Federation of Indian Chambers of Commerce and Industry (FICCI), with participation from both countries' business and government leaders, the Ministry of External Affairs (MEA) said on Monday.

In her speech, President Murmu praised the reforms led by Algerian President Abdelmadjid Tebboune's leadership, acknowledging the positive changes taking place in the country.

"I commend the transformative reforms that have been introduced by the Algerian government under his able leadership," she said, adding that Algeria's commitment to inclusive growth and democracy is praiseworthy.

President Murmu highlighted the historical ties between India and Algeria, recalling their shared values.

"India had extended strong support to the Algerian struggle for freedom, and today, India and Algeria are committed to embark on the path of peace and prosperity," she remarked.

She emphasised the growing importance of India-Africa relations, noting that India is now the fourth-largest trading partner of Africa, with bilateral trade amounting to $84 billion and investments exceeding $75 billion.

Referring to Algeria's rapid progress, she pointed out its four per cent GDP growth and the registration of 9,000 investment projects over the past two years, encouraging Indian companies to explore these opportunities.

"I encourage our companies to remain engaged and invested in the opportunities that the Algerian economy offers," she said, according to an MEA statement.

Addressing the India-Algeria trade, which currently stands at $1.7 billion, President Murmu acknowledged that there is untapped potential for further collaboration.

She identified key sectors like energy, construction, automobiles, fertilisers, and pharmaceuticals where ties could be strengthened, while also urging the exploration of new avenues for trade and investment.

President Murmu highlighted India's progress as a $4 trillion economy and mentioned recent reforms such as the Production Linked Incentive (PLI) Scheme and the India Semiconductor Mission, which have improved the business environment.

"In today's uncertain global environment, India's rapid rise stands out. India, currently a $4 trillion economy, has made impressive progress in the last few years due to political stability, policy predictability and a reform-oriented economic agenda that has ensured the ease of doing business. The sustained growth rate of 8 per cent, skilled talent pool programs such as production linked incentive scheme, India Semiconductor mission and establishment of 12 smart industrial cities have opened up new opportunities. Many other reforms to boost the manufacturing sector like goods and services tax are in place. This has made it easy for businesses to establish and grow in India," she said.

Inviting Algerian businesses to participate in India's initiatives, she said, "I invite Algerian companies to join our Make in India and Make for World initiatives. India has achieved many accomplishments in areas such as science and technology, fintech, pharma, space, startups and renewables. We would be happy to share our experiences in these areas with our Algerian partners...."

President Murmu also expressed India's willingness to share its achievements in fields such as science, technology, IT, and renewable energy with Algeria, underscoring the potential for collaboration.

Additionally, she commended the Indian community in Algeria for its contributions to various developmental sectors, describing it as a bridge between the two nations.

In her concluding remarks, President Murmu reiterated the commitment of both India and Algeria to further strengthening bilateral relations, saying, "President Tebboune and I firmly believe that it is time that we further strengthen this partnership and impart momentum towards a new era of cooperation between our two countries."

President Murmu is on a three-nation tour of Africa, visiting Algeria, Mauritania, and Malawi from October 13 to 19.

She called on the Speaker of the Council of the Nation of the People's Democratic Republic of Algeria.

Earlier on Monday, she met and held talks with President Abdelmadjid Tebboune of Algeria, at the El Mouradia Palace.

/IANS