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Algerian infrastructure can become a hub for Russia, providing it with access to African markets, according to Ahmed Azimov, chairman of the Russian-Algerian Business Council. Azimov stated that mechanisms have already been outlined that will help companies from Russia to explore new areas faster and more safely.
Azimov was commenting after a Russian business mission had just visited Algeria, as a result of which the Chambers of Commerce and Industry (CCI) of the two countries signed a cooperation agreement. 20 Russian companies operating in a wide variety of industries, including IT, industry, pharmaceuticals, construction, and energy took part. The Chambers of Commerce and Industry of the two countries signed a cooperation agreement providing for the exchange of economic information and data on foreign trade, as well as on the rules of doing business in each state. In addition, agreements were concluded between individual companies and associations.
Azimov said that the discussions during the business mission of the Chamber of Commerce and Industry of Russia to Algeria focused on the most extensive topics, including those related to industrial cooperation, joint investments and the creation of production facilities in Algeria, saying that “An interesting issues is the use of the Algerian infrastructure as a hub for entering African markets. We also discussed mutual currency settlements, certification, and support mechanisms, with a clear request for institutional support. The Algerian side demonstrates a high degree of engagement.”
Azimov noted that the trade turnover between the two countries has been actively increasing in recent years, and there are opportunities for fivefold growth. He said “Our current bilateral trade turnover is about US$2 billion. This is a serious figure, but it does not reflect the real potential. According to analysts, it can reach US$10 billion. To get closer to these volumes, we need clear tools and working channels of interaction. We are approaching them now.”
Azimov said that “We held meaningful talks with Kamel Mula, head of the Algerian Economic Renewal Council, and discussed the prospects for long-term industrial cooperation. I had a conversation with Kamel Khmiani, President of the Algerian Chamber of Commerce and Industry, as well as with the heads of leading business associations. There is a systematic approach and a willingness for practical partnership.”
That view was confirmed by the Minister of Foreign Trade and Export Development of Algeria, Mohamed Bouhari, during a meeting with the head of the Russian Chamber of Commerce and Industry, Sergey Katyrin.
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