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Trade potential of Russia and Algeria estimated at $9bn

Analysts of the Ministry of Economic Development of the Russian Federation have estimated the unrealised trade potential of Russia and Algeria at $9 billion, while the growth of trade turnover between the two countries in 2023 has doubled to $3.7 billion, the website of the Chamber of Commerce and Industry (CCI) of the Russian Federation reports.

"Thus, in 2023, the trade turnover between Russia and Algeria has almost doubled, amounting to $3.7 billion, with the Ministry's analysts estimating the unrealised trade potential of the two countries at another $9 billion. This is the analysis that allows us to be optimistic about the future," said Pavel Kalmychek, Director of the Department for the Development of Bilateral Cooperation of the Ministry of Economic Development of the Russian Federation, referring to the significant increase in the interest of Russian entrepreneurs in Algeria, his words are quoted in the report.

In addition, Kalmychek added that preparations are currently underway for the meeting of the Russian-Algerian intergovernmental commission on trade, economic, scientific and technical cooperation, which will be held at the end of January 2025.

The Russian-Algerian Business Council meeting was held in the format of a round table on 21 November at the Chamber of Commerce and Industry of the Russian Federation, the participants discussed the prospects of business cooperation between the two countries.

The meeting was attended by Vladimir Padalko, Vice-President of the Russian CCI, Gennad Boumediene, Ambassador Extraordinary and Plenipotentiary of Algeria to the Russian Federation, Irina Abramova, Director of the Institute of Africa of the Russian Academy of Sciences, Pavel Kalmychek, Director of the Department for Development of Bilateral Cooperation of the Ministry of Economic Development of the Russian Federation. The discussion was moderated by Ahmed Azimov, Chairman of the Board of the Centre for International Strategic Initiatives, Chairman of the Russian-Algerian Business Council.

Source: TASS
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