The Algerian and Iraqi markets offer significant potential for Russian business participation in industrial and technological projects, said Sergei Gorkov, head of the Russian-Arab Business Council (RABC).
In an interview with RIA Novosti, he noted that one of Russia's current priorities and concepts is to focus on countries with large markets and untapped potential. Prospects for cooperation with Algeria include agriculture, IT, pharmaceuticals, and manufacturing.
The RABC head noted the bureaucratic difficulties faced by Russian oil companies due to the need to obtain certification for their operations.
Gorkov emphasized that trade turnover with Iraq is only $400 million, despite the Arab country's rapidly growing population and economic opportunities. He stated that Russian construction companies could implement infrastructure projects.
He added that Russia could share its extensive experience in this area, including in managing construction complexes and in water and heat supply.
Earlier, the Russian president revealed the volumes of oil produced in the country.