✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 9th, 2024 — The economic relations between Algeria and Russia are set for significant reinforcement, particularly in the heavy industry sector. The allure of various industrial sectors and the opportunities provided by Algeria’s new investment code have paved the way for major Russian companies to consider investing in the country. A forthcoming meeting in Algeria between Russian and Algerian business leaders aims to explore investment opportunities in various industrial domains, announced Ali Aoun, the Algerian Minister of Industry and Pharmaceutical Production, from Russia during Algeria’s participation in the St. Petersburg International Economic Forum.
Encouraging Investment Opportunities
During an Algerian-Russian working session held on the sidelines of the forum, the Algerian delegation, led by Minister Ali Aoun and accompanied by Kamel Moula, President of the Algerian Economic Renewal Council (Crea), along with Algerian businesspeople, highlighted the incentives Algeria offers to both national and foreign investors to realize projects across all industrial sectors. This meeting also reviewed the agreements concluded between the two nations following President Abdelmadjid Tebboune’s visit to Russia last year, aiming to bolster partnership and cooperation.
The session included presentations emphasizing the industrial sector’s role in the national economy’s structure, reflecting the significant potential for growth and collaboration between Algeria and Russia.
Algeria: A Gateway to Africa for Russia
Economic cooperation with Algeria also presents an opportunity for Russian companies to access other markets, particularly in Africa and Europe, due to Algeria’s strategic location. Kamel Moula, speaking to Russian news agency TASS, noted that “Algeria can help Russia access new global markets.” He highlighted Algeria’s strategic positioning as a gateway to Africa and Europe, which could facilitate Russia’s expansion in these regions. Although trade between Algeria and Russia increased by 2% in 2023, this figure is modest. However, with strengthened Algerian-Russian relations, “trade exchanges could reach 10%,” according to Moula.
In his meeting with Alexey Repek, President of Business Russia, Moula underscored Algeria’s interest in cooperating with Russian companies in the food, pharmaceutical, and manufacturing sectors.
Crea and Roscongress Agreement
An important agreement was signed between Crea and the Roscongress Foundation during the event, marking a crucial step in enhancing economic relations between the two countries, particularly in industrial cooperation. This partnership is expected to open new prospects for economic development, strengthening exchanges and strategic partnerships, and bringing businesses from both countries closer.
Recently, Algerian-Russian economic cooperation has been marked by several meetings in Béjaïa, Constantine, Oran, and Sétif, coordinated with Crea. These meetings have allowed Russian operators to explore investment and business opportunities, particularly in the industrial sector.
A Strong and Dynamic Partnership
Algerian-Russian relations have seen increased density, dynamism, and a high degree of consultation in recent years. The strategic partnership declaration signed between Algeria and Russia in 2001 has strengthened their relationship, ensuring ongoing dialogue between the leaders of both countries. This is in addition to visits from several political leaders and parliamentary and economic delegations, further cementing the robust partnership.
The planned visit of Russian business leaders to Algeria represents a significant step towards deepening economic ties and exploring mutual growth opportunities, particularly in heavy industries, thereby solidifying the strategic alliance between the two nations.
Translated from:
https://lalgerieaujourdhui.dz/industries-lourdes-des-hommes-daffaires-russes-bientot-en-algerie/
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