Algeria’s minister of industry and Russia’s deputy minister of trade and industry yesterday discussed strengthening bilateral industrial and economic cooperation, especially in the fields of mechanical, pharmaceutical and railway industries, Anadolu Agency reported, citing an Algerian Ministry of Industry statement.
Algeria’s Minister Ahmed Zaghdar received Russia’s Vasily Osmakov at the Algerian ministry’s headquarters in Algiers, the statement added.
The officials affirmed their countries’ will to strengthen bilateral economic relations, especially in the industrial field.
Zaghdar spoke about the new investment law that entered into force recently in Algeria, pointing to the privileges and incentives that it provides to encourage the establishment of local and foreign investments, the statement read.
While Osmakov said a number of Russian institutions seek to establish fruitful partnerships in Algeria, the Algerian ministry added in its statement.
Algeria is Russia’s second largest African trading partner, with an exchange volume of nearly $3 billion in 2021, according to official Algerian data.
International reports reveal that Algeria is the third importer of Russian weapons in the world, while Moscow is the main financier of the Algerian army, providing it with more than half of its weapons and military systems.
Preparations are currently underway for an upcoming visit by Algerian President Abdelmadjid Tebboune to Moscow. Dates have not yet been announced. Foreign Minister Ramtane Lamamra previously said the visit would be “the beginning of a new phase in relations between the two countries.”