ALGIERS-A cooperation agreement and a memorandum of understanding (MoU) were signed on Tuesday, in Algiers, between the Algerian Chamber of Trade and Industry (CACI) and a subsidiary of Safex and their Russian counterparts, aimed at supporting companies from both countries in the areas of investment and trade.

The two agreements were signed during a ceremony on the sidelines of the Algerian-Russian Business Forum, organized at the Safex Maritime Pines Exhibition Center by the Algerian Chamber of Trade and Industry (CACI).

The cooperation agreement between CACI and the Chamber of Commerce and Industry of Russia (RF CCI) was respectively signed by the President of CACI, Kamel Hamenni and N. Katyrin, President of the RF CCI.

As for the memorandum of understanding between the Safex subsidiary (Algerian Exhibition and Export Company), Algeria Exhibition and the Russian company “Expocentre,” it was signed by the Director General of “Algeria Exhibition,” Salim Kadri, and the Director General of the Russian company, Maxim Fateev.

The signing ceremony of these two agreements was attended by the Russian Ambassador to Algeria, Alexey Solomatine, the Director of Promotion and Support for Economic Exchanges at the Ministry of Foreign Affairs, Rabah Fassih, the Chairman of the Algerian Economic Renewal Council (CREA), Kamel Moula, as well as representatives of ministries and institutions in charge of economic affairs of both countries.

In a statement to the press on this occasion, the president of the Russian-Algerian business council, Ahmed Azimov, underscored that the agreement signed between CACI and its Russian counterpart aims to update the agreement signed in 2006 in order to bring it in line with changes that have occurred in both countries regarding investment conditions and cooperation.

The objective of this agreement is to support exchanges between companies from both countries, particularly SMEs, as part of creating a favorable environment for partnership, he said.

As for the memorandum of understanding between the Safex subsidiary and the Russian company Expocentre, it aims to establish a partnership between the two leading companies in the field of organizing fairs and exhibitions in both countries and to support Algerian-Russian companies in terms of participation in joint events.