An Algerian company recently signed a deal with an American farm group to set up $300 million in agricultural projects in the country. Algeria’s Ag Minister says the north African country is seeking to reduce its dependence on imports. A privately-owned Algerian dairy company signed the deal with the American international Agriculture Group to develop agricultural projects that include cereals, potato, fertilizers, along with dairy and feed projects. A Reuters report says Algeria imports most of its ag-related products due to weak domestic output. It’s looking to diversify the economy by adding farm products and getting away from oil and gas products after a drop in the price of oil hit state finances. The company also approved a new law allowing incentives for foreign and local firms that are willing to invest in the non-oil sectors of the economy. As the OPEC member nation struggles to diversify the economy, oil and gas profits still account for 60 percent of the state budget and 95 percent of the country’s exports.
From the National Association of Farm Broadcasting news service.