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Akbar Novruz

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Cooperation between Russia and the member states of the Organization of Islamic Cooperation (OIC) is witnessing significant growth, with trade turnover increasing by 30% last year. This trend is expected to continue in 2025, reflecting expanding economic ties, Azernews reports.

As reported in a press release from the Organizing Committee of the 16th International Economic Forum, “Russia-Islamic World: KazanForum” is scheduled to take place from May 13 to 18. The forum aims to create new opportunities for strengthening trade and investment relations.

Russia’s economic engagement with Islamic countries is already showing concrete results. Trade turnover between Russia and Algeria surpassed $1.7 billion in 2024, driven by Algeria’s increasing demand for Russian agricultural products such as wheat, barley, and soybean oil. Additionally, Algeria’s formal application to join the Shanghai Cooperation Organization (SCO) has reinforced its strategic partnership with Russia. At the 12th meeting of the Russia-Algeria Intergovernmental Commission in January 2025, discussions focused on expanding trade, particularly in halal products, as well as cooperation in nuclear and renewable energy, oil, and gas. Algeria's potential role as a logistics hub for Russian exports to Africa was also explored.

Beyond Algeria, Russia is deepening ties with Bahrain in key sectors, including tourism, education, and Islamic finance. In 2024, joint business ventures between the two nations resulted in around 30 projects valued at $500 million, with interest in further bilateral investment continuing to grow.

Russia is also preparing to host its first international conference on Islamic finance and investment, organized by the Accounting and Auditing Agency for Islamic Financial Institutions in Manama. According to the forum’s organizing committee, the trade potential between Russia and Islamic countries is estimated at $9 billion, highlighting vast opportunities for cooperation.

The upcoming KazanForum 2025 is expected to serve as a key platform for discussing new projects and further expanding economic and trade relations between Russia and OIC member states.