✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 6th, 2024 — Algeria is showcasing a robust presence at the St. Petersburg International Economic Forum, held from June 5-8. The Algerian delegation is led by the Minister of Industry and Pharmaceutical Production, Mr. Ali Aoun, alongside the President of the Algerian Economic Renewal Council (CREA), Mr. Kamel Moula, and several prominent Algerian business leaders. This participation is intended to review and advance agreements made during President Abdelmadjid Tebboune’s visit to Russia last year and to reinforce the partnership and cooperation between Algeria and Russia, according to a statement from the Ministry of Industry and Pharmaceutical Production.
Algeria’s Incentives for National and Foreign Investors
During the forum, Minister Aoun participated in an Algerian-Russian working session, highlighting the incentives Algeria offers to both national and foreign investors to support their projects across various industrial sectors. The working session included several presentations, allowing the Minister to emphasize the significance of the industrial sector within the national economy.
The discussions covered a range of economic issues, reflecting the notable increase in visits from Russian business leaders to Algeria. The Russian operators expressed their satisfaction with the productive exchanges with their Algerian counterparts.
Boost in Trade Between Algeria and Russia
Recent Algerian-Russian economic cooperation has included numerous meetings in Bejaia, Constantine, Oran, and Sétif, coordinated with the CREA. These events have allowed Russian investors to explore business opportunities in Algeria, particularly in the industrial sector.
These initiatives have resulted in a 2% increase in trade between the two nations, with both sides committed to further strengthening economic relations and increasing the volume of commercial exchanges. The growing collaboration underscores the strategic importance of the Algerian-Russian partnership in fostering economic growth and development.
The St. Petersburg International Economic Forum thus serves as a pivotal platform for Algeria to enhance its international economic presence, attract investments, and solidify its ties with Russia, contributing to the broader goal of economic diversification and industrial advancement.
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