Algeria positions itself to become Russian investment hub
Algeria is taking its present relationship with Russia to an all time high, following reports at the end of last year, that Russia had sold Algiers up to 20 billion dollars worth of arms.
Algeria pledged during the Second Russia-Africa Summit to become an investment gateway for Russian investors to enter the continent, according to Asharq Al-Awsat on July 30th.
The summit, which took place in St Petersburg, advocated for a strong and profitable partnership between Africa and Russia and the emergence of a fair international system, according to the Saudi news website.
Vladimir Putin is seeking to bolster positive relations with Africa and Asia as the Kremlin’s relations with the West has worsened especially since Russia’s actions in Ukraine.
During Algerian Prime Minister Benabderrahmane’s visit to Russia, Algeria and the summit host nation launched a strategic partnership which mostly covered renewable energies.
Recently, Nikolay Shuginov, Russia’s Energy Minister announced a relationship with the North African country with the intention of producing two million cubic meters of gas daily starting in 2026.
Mr. Shulginov stated that Russian energy giant Gazprom has plans to produce hydrocarbons in Algeria’s el-Assel area.
Benabderrahmane’s was content with the partnership amongst the two parties saying that his country is Russia’s second trading partner in Africa.
Algeria’s President also noted that Algeria has always supported Russia and that his country was committed to maintaining a strong relationship with the Kremlin.
In a meeting with Algerian investors at an economic exhibition in St. Petersburg, the Algerian Prime Minister discussed investing in various sectors and opportunities offered by the national economy, notably in services.
He stressed the North African country’s outstanding capabilities, referring to the country’s success in tourism and digital technologies which has created wealth and job opportunities.
Algeria is making significant efforts to support development in the continent, especially in reducing debt and developing infrastructure in many African nations.
ASHARQ AL-AWSAT
