Trade will be Enhanced

A regular session of the RABC was a significant international forum for Russian and Arab business communities that united representatives of Ministries and authorities, heads of trade and industrial chambers, presidents of major companies, Russian and Arab businesspersons interested in extending the scope of business cooperation. During the inauguration of the session the governor of Saint-Petersburg Valentina Matvienko singled it out that by that time they had managed to simplify the bureaucratic procedures of the system of cooperation with foreign companies, they had had massive experience of working with foreign students, primarily Arab ones. However, the potential of Russian-Arab cooperation is not fully realized, especially in energy and power sector, metallurgy, engineering industry, defense industry.

President of Russia’s advisor Aslambek Aslakhanov said that under Vladimir Putin’s instruction a joint committee in charge of cooperation with Arab countries has already been set up. A representative of Lebanon, Chairman of the Federation of the Chambers of Commerce and Industry of Arab countries Adnan Kassar pointed out the need to set up a Russian-Arab investment fund rapidly for financing small and middle-scale entrepreneurs’ commerce.

Co-chairman of the Russian-Algerian Business Council (the RAlBC), head of RussNeft Mikhail Gutseriev said that the RABC has become a formidable factor of integration, and the results of cooperation with Algeria prove that. Business partners are found, documents setting out joint efforts are signed. In fact, the contracts on export of Russian wheat, pipes, equipment for ammonia production to Algeria have been formed; cooperation in hydrocarbon production area is being developed.

The chairmen of the Arab side of the RABC, a Saudi Arabia representative Abdurrakhman Rashid Ar-Rashed singled it out that Russia being a commercial partner of Arab countries enhances the establishing of ‘Great Arab economic zone’. He offered projects of a Russian-Arab House organization in Moscow with consultation centers and offices of Arab companies, and a project of establishing a joint Russian-Arab financial bank as well.

The central negotiations during the  RABC session bilateral Russian-Arab talks was the 3rd session of the Russian-Algerian Business Council (the RAlBC). The participants called this council a prototype of future ‘Great Russia-Algerian summit’. During the session of the RAlBC its co-chairmen Mikhail Gutseriev and Kamel Abderrakhim spoke about the results of the joint work over a short period – 9 months – since the Council was set up. It was singled out that our countries continue movements toward each other. According to Mr. Gutseriev, a range of Russian and Algerian companies established tires, production and industrial transactions are being made.

Moreover, the participants of the RAlBC drew attention to the necessity of joint investment to economy increase. There are very few of them now but the potential is massive. In particular, Algeria is interested in Russian investment into oil and gas and tourism industries.

The parties have agreed to hold regular sessions of the RAlBC in Algeria in May 2007 and in Moscow in September 2007.