In a move to strengthen Algeria’s industrial capabilities and curb its reliance on foreign steel, the National Association of Banks and Financial Institutions (NABFI) has issued a directive prohibiting the importation of certain steel products. The ban, which affects specific steel products such as wire rods made from steel alloys (under customs tariff item No. 7227 90 00 00), is part of a broader strategy to boost domestic manufacturing and reduce imports.
The instruction follows a telegram from the Secretary General of the Ministry of Trade and Export Promotion, which was sent to banks, instructing them to withhold approval for any bank domiciliation requests related to the import of these steel products, whether intended for resale or for manufacturing purposes. However, the telegram clarified that products already identified and supported by prior bank domiciliation or shipping documents before the decision would not be impacted by the ban.
The NABFI has urged all relevant parties to take immediate action to comply with the directive and ensure the smooth implementation of the new measures.
This decision comes at a time when Algeria is making significant strides in its steel sector. After years of reliance on imports, Algeria has recently begun exporting steel products that it had previously imported for several years. The country's domestic steel production has been growing, with the government emphasizing the need to eliminate the dependency on foreign steel.
Minister of Industry Ali Aoun has stressed the importance of moving away from the "dangerous phase" of steel imports, asserting that local production must meet the rising demand for steel products used in infrastructure and construction projects. Algeria’s ongoing efforts to expand and modernize its industrial base are seen as crucial to its long-term economic diversification plans.
The ban on imports of specific steel products signals a concerted push by the government to boost the domestic production of steel and reduce the trade deficit. With ongoing investments in the sector, Algeria aims to position itself as a regional leader in steel manufacturing while ensuring that local industries are prioritized.
This regulatory change reflects Algeria’s broader goals of economic self-sufficiency and reducing reliance on imports in key industries, and it marks an important step toward enhancing the country’s industrial capacity in the face of rising demand for steel products.
Comments
No comment yet.