Algiers, May 2nd, 2006 (WAM) - Sheikh Lubna bint Khalid Al Qasimi,Minister of Economy and Abdul Hameed Tamar, Algerian Minister of Developmentand Investment Promotion today inaugurated the UAE-Algerian Business Forumwhich is held on the sidelines of the 4th session of the two countries'joint committee meeting.

In the inaugural speech, Sheikha Lubna said that UAE economy achieveda tremendous growth last year with Gross Domestic Product (GDP) reaching131.8 billion US Dollars and per capita income over 30,000 Dollars.

According to Sheikha Lubna, non-oil sectors contributed more than67 percent of the total GDP while fixed capital formation accounted 28.3billion Dollars of which, 47 percent were in the form of private investments.

"Right from the beginning, the UAE has adopted free economy andsought to enhance role of the private sector and that is why we are determinedto step up our economic relations (with Algeria) to become a full fledgedpartnership," she said.

Sheikha Lubna outlined facilities offered by the UAE to investors,saying that UAE levies no income tax on individual or corporate investors.

There are also no restrictions on capital and profits transfer with customsduties of not more than five percent.

She also spoke about the free zones which grant 100 percent ownershipof business, the official stick market and the network of modern nationaland foreign banks.

Sheikha Lubna stressed the importance of developing UAE-Algerianties into a strategic partnership, drawing from the keenness of PresidentH.H. Sheikh Khalifa bin Zayed Al Nahyan and President Abdul Aziz Bouteflikato strengthen fraternal bonds between people of the two countries.

She added that most of the investment opportunities in the UAEare in the energy sector such as petrochemicals and gas.

Plenty of opportunities, she continued, are also available infoodstuff industries, ship building, fishing boats, Information Technology,know-how, medical equipment, mineral industries, cement, aluminium, ceramic,fertilizers and edible oils.

Sheikha Lubna referred to tourism as one of the fastest growingsectors in the UAE, adding that revenues of that sector are expected tocross 26.3 billion Dollars by the end of 2006.

She urged UAE and Algerian businessmen to explore joint venturesin the different fields.

Volume of trade exchange between UAE and Algeria reached 764 millionDollars in 2005.

Tamar praised UAE's robust economic performance, saying that thecountry has become a world-class hub.

Businessmen from the two countries started to discuss potentialjoint ventures.