India, Algeria mull fertilizer Joint Venture

Posted on:20 Oct 2016 18:04:15

India, Algeria mull fertilizer Joint Venture
20 October 2016 Current Affairs: India has shown keen desire to initiate a joint venture (JV) arrangement with Algeria for a multi-billion dollar fertilizer plant located in the North African country. 

The proposal in this regard has moved to front burner following a meeting between Algerian Minister for Industry and Mining and Indian Minister of State for Chemicals in Algiers.

 However no specific agreements were signed between both courtiers at the end of Vice-President Hamid Ansari’s three-day visit to Algeria.

Phosphorus is one of three important elements in the chemical fertilizers that are most important in plant nutrition along with nitrogen and phosphorus. 

India, which has up to 96% phosphate dependency. Currently, India imports raw phosphate resources from a number of African countries including Tunisia, Egypt, Jordan and Syria and also from Russia, Canada and Israel among others. For India, forming JV Algeria will have major favourable food security implications and also could ease the fertilizer subsidy burden.

India-Algeria  : India’s bilateral trade with Algeria currently stands at 1.5 billion dollars a year with the trade balance in Algeria’s favour given India’s import of oil and gas. The major item of exports from India to Algeria has been automobiles.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs July 2017

26 JULY
NEWS
25 JULY
NEWS
24 JULY
NEWS
22 JULY
NEWS

Current Affairs June 2017

30 JUNE
NEWS
29 JUNE
NEWS
28 JUNE
NEWS
27 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS