Algerian Prime Minister Abdelmalek Sellal said on Monday his country is seeking more measures to diversify its exports to cope with the challenge of falling global oil price.
The prime minister made the remarks at a conference organized by Algeria's Ministry of Trade as authorities seek more practical measures to enable the oil rich nation to increase the volume of non-oil exports.
Sellal said that the drop of oil prices could serve as a "valuable opportunity" to diversify Algeria's economy and exports and end dependency on hydrocarbons.
"The international economic environment marked by a sharp decline in oil prices represents for Algeria a valuable opportunity to address the trade situation in a bid to gradually end dependence on hydrocarbons by diversifying exports and national economy," he noted.
"Algeria is urged to have a long-term perspective towards an emerging economy based on national entrepreneurship that supports local efficient, wealth and job generating companies," the prime minister specified.
In recent months, the Algerian government has been advocating for the diversification of the national economy and increasing exports to confront the potential damage of the lasting oil prices drop.
The crude prices fell from 110 U.S. dollars a barrel to 50 dollars in less than a year, forcing the Algerian government to suspend some projects in various fields, including housing, health, education, and public works.
Algeria's exports dropped by 4.47 percent to 60 billion dollars in 2014 and its trade surplus also fell by 53.5 percent to 4.6 billion dollars in the same period.
Hydrocarbons represent more than 95 percent of the North African nation's exports.