Algerian Ambassador in Moscow Discusses Promising Russia-Africa Cooperation Amidst Trade Challenges
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Since 2023, Africa has become a more significant export destination for Russia than North and South America, according to data from the Russian Federal Customs Service. Last year, Russian exports to Africa increased by 43% in value, reaching $21.2 billion.
African countries are interested in increasing cooperation with Russia in the field of trade and investment, which requires solving problems in the field of payments and transportation, Algerian ambassador in Moscow Guennad Boumediene told the Russian media.
"Africa will be grateful to Russia for considering projects aligned with Africa's development agenda up to 2063. At the same time, Russia offers unique services in terms of cost and quality. This would be beneficial for Africans," he said.
The diplomat, however, noted that under the present conditions, it is essential for both parties to develop new strategies to tackle payment and transportation challenges as a priority. The trade balance between Africa and Russia this year was under $25 billion, and Russian investments remain limited.
"As for Russia's role in Africa, we have seen many African countries engage in intensive discussions to launch or advance joint projects in various fields: primarily in security, energy, nuclear power, agriculture, healthcare, space, and so on," Boumediene added.
Russian Deputy Prime Minister Alexey Overchuk announced to reporters last week that Russia intends to establish an investment fund in 2025 aimed at assisting Russian companies looking to invest in African projects. He highlighted that Russian businesses are keen on expanding trade and economic ties with African partners and leveraging their export capabilities.
