Algeria president calls for improved economic ties with Russia

Algerian President Abdelmajid Tebboune is leading his country’s delegation to Russia where he seeks to improve economic ties with Moscow.

“Russian companies, whether private or state-owned, can rely on Algeria’s support,” Tebboune said during the Russian-Algerian Business Forum.

Speaking at the forum, he added: “This meeting is a valuable opportunity to explore the economic potential available in both countries. Algeria, which has launched a multidimensional economic revitalisation programme, has made the year 2022-2023 the year of economic recovery. One of its priorities is to review the investment-impacting legal system to provide a conducive business environment. This includes enacting new investment laws, streamlining procedures to encourage investment, expediting the concept of entrepreneurship, establishing small and emerging enterprises, and embracing the shift towards technological transformation, industrialisation, and the knowledge-based economy.”

Tebboune stated that the food, biotechnology and medical industries are among the prominent areas of cooperation between the two countries. He explained that Algeria is embarking on a future economic plan based on openness to other economies.

READ: Algeria President visits Russia for cooperation talks

There are 14 international governmental agreements and approximately 30 protocols, memoranda and cooperation programmes between Russia and Algeria.

The Algerian President added that his country is targeting $13 billion in non-oil exports this year, a significant increase from $7 billion in 2022.

Although he did not provide specific details about the non-oil sectors involved, statistics from the previous years indicate significant growth in exports of cement, iron, steel and fertilisers, as well as agricultural and food products such as vegetables, fruits and dates.

The forum brings together 70 Algerian business people and 200 of their Russian counterparts to explore investment opportunities and partnership prospects and further enhance cooperation between the two countries.