Serbia and Algeria found Salsef to build warehouses - Investment in 2013 projected at about EUR 30 million

Algeria's state company Frigomedit and Belgrade-based ITN signed an agreement on Thursday to establish the Serbian-Algerian joint venture Salsef to build cold storage plants for agricultural products.

As Serbian Minister of Foreign and Domestic Trade Rasim Ljajic said after the signing of that document in Belgrade, the value of the four projects that this mixed ownership company should implement in 2013 is close to EUR 30 million.

Ljajic noted that Salsef would build not only cold storage plants, but also large silos, slaughterhouses and fodder plants, which should create opportunities for a greater export of agricultural products from Serbia to Algeria.

- Serbia has a significant potential and capacities for food production, and this is a good chance to use them - kazao je on.

According to Ljajic, ITN is a fully privately-owned company and the Serbian government will support it in the same manner as it supports all other export-oriented companies that create new jobs. He pointed out that the establishment of Salsef should attract other Algerian companies to invest in Serbia, which maintains good political relations with Algeria and intensively works on the development of economic ones.

Ljajic reminded that Algeria and Serbia had defined four area in which to improve their economic cooperation: agriculture, construction, health care, and the pharmaceutical industry. As he stressed, Serbia and Algeria also agreed to form joint ventures in different industries.