Industrial investment: Real momentum recorded thanks to new strategy

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The Minister of Industry and Mines, Youcef Yousfi said, Thursday in Boumerdes, the strategy (organizational procedures and incentives) adopted in industrial investment has given a “real momentum” to the sector in recent years.

 

“This dynamic is reflected by countless investments and structural achievements that have begun to bear fruit since the beginning of this year 2018,” said the Minister in his speech at the opening of an annual national meeting of the provinces’ directors of industry and mining, at the level of the national institute of productivity and industrial development (INPED) of the province.

He, particularly, cited the niche of building materials, of which Algeria has evolved from an importing country (with a peak of $ 500 million in imports in 2014) to an exporting one par excellence.


Assuring, moreover, that the country has achieved “self-sufficiency” in several building materials, including plaster, white cement, and ceramics, which “will all be destined for export soon”, he said.

The fabric and leather industry is also expected to grow thanks to Relizane complex, he said.
The national steel sector is also “on the right track”, according to the minister, who mentioned the important investments made in this field in recent years, including the Bellara steel complex (Jijel) and Tosyali steel plant in Oran, which contributed to the increase of domestic production in this area, and, thus, to the reduction of imports.The Minister did not fail, moreover, to mention the ongoing implementation of an industrial pole in Tebessa, dedicated to phosphate processing, in particular, in the framework of a partnership with China.

Nevertheless, Mr. Youcef Yousfi noted “the inadequacy of these investments with regard to the future challenges of the Algerian economy, and developments in the global industry, including the digital revolution and its requirements,” he said.

He, also, called for mobilizing efforts for economic diversification, while strengthening the national industrial fabric by encouraging entrepreneurship to create wealth and employment.

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