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Organized by the Algerian Chamber of Trade and Industry (CACI), the Forum saw the participation of Algerian economic operators and a delegation of Russian businessmen visiting Algeria to explore investment opportunities, made up mainly of representatives from seven Russian economic enterprises operating in various fields.

Kamel Hammeni, the president of CACI, said that this meeting aims to boost trade between the two countries and elevate it to new heights. He emphasized the vast potential for cooperation and partnership, considering the ambitions of the Algerian economy, its recent achievements, and the expertise of Russian companies across various economic sectors.

Hammeni noted that trade volume between Algeria and Russia has seen significant growth in recent years. It increased from USD1.05 billion in 2022 to USD1.48 billion in 2023. He also underlined that in the first four months of 2024 alone, trade had already reached USD524 million.

However, added Hammeni, "this growth has primarily benefited Russia, hence the need to strengthen bilateral cooperation to achieve a trade balance benefiting both countries."

For his part, the General Director of CACI, Hocine Zaoui, welcomed the state of Algerian-Russian relations in recent years, as well as the common cooperation and coordination, reflected in trade exchanges, highlighting the imperative to "create a balance in the bilateral trade balance."

“Being a promising market and an important regional economic hub, Algeria remains an open site for major development projects whose execution requires expertise and skills, especially in light of the new investment law and the advantages offered to investors within its framework," he added.

In this regard, Zaoui called on Russian businessmen to participate in the various large projects that Algeria plans to carry out in many economic sectors, in collaboration with their Algerian counterparts, who aspire to develop strong economic relations beneficial to both countries.

Sergei Sharaev, the deputy head of the Russian Trade Representation in Algeria, underlined that the forum is a significant opportunity to enhance the partnership between the two nations. He highlighted the appealing business environment in Algeria for investments, stressing the importance of bolstering bilateral cooperation across various sectors. Sharaev particularly emphasized agriculture, noting its crucial role in the trade relationship between Algeria and Russia.

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