Algiers, Algeria – The Algerian-Russian Business Forum, convened in Algiers on Tuesday, underscored the critical need to expand economic cooperation between the two nations into new and promising sectors. Participants emphasized that such expansion would bolster trade volumes and deepen the strategic partnership between Algeria and Russia.
Speakers at the forum’s opening, organized under the auspices of the Ministry of Foreign Trade and Export Promotion, in collaboration with the Algerian-Russian Business Council and the Russian Embassy in Algeria, highlighted the abundant potential for developing economic cooperation, particularly in areas such as smart agriculture, pharmaceuticals, renewable energy, and digital solutions.
Abdesselam Djahnit, Secretary-General of the Ministry of Foreign Trade and Export Promotion, affirmed that the forum provides a valuable opportunity to strengthen coordination and joint efforts to harness the available capabilities in both countries, spanning the energy sector, agriculture, and food security. He emphasized the promising prospects in industries such as manufacturing, technology, pharmaceuticals, digital transformation, and the development of artificial intelligence solutions.
Djahnit noted the significant progress in trade relations between Algeria and Russia, fueled by a firm political will and a growing strategic partnership. He revealed that trade volume had doubled in the first ten months of 2024, exceeding $1.7 billion. Both countries aim to reach $10 billion by the end of the current decade.
Rabah Fassih, Director of Promotion and Support for Economic Exchanges at the Ministry of Foreign Affairs and the National Community Abroad and African Affairs, urged economic operators from both countries to seize the available opportunities, particularly in light of ongoing reforms to improve the business climate in Algeria. He observed that current trade volumes remain modest compared to the existing potential.
Fassih stressed the need to increase Algerian exports to the Russian market to achieve balanced trade and build a sustainable economic model that generates wealth and employment. He highlighted the importance of such gatherings in exploring investment and partnership opportunities in non-traditional sectors such as renewable energy, modern technologies, digitization, and information and communication technology.
The forum is expected to continue facilitating discussions and fostering collaborations over the next two days.
