ALGIERS, June 18 — Malaysia and Algeria have officially launched a strategic industrial cooperation project worth US$8 billion (RM34 billion), backed by Malaysia’s Lion Group, marking a major step forward in bilateral ties and ushering in a new development phase for Algeria’s mining sector, VNA reported.
A memorandum of understanding for the project was signed in Algiers on Sunday between Algeria’s National Company for Mining Research and Exploitation (Sonarem) and Lion Group, said the Algerian Energy, Mines and Renewable Energies Ministry.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The project is expected to generate about 10,000 jobs and includes plans to construct a major export port in the coastal city of Boumerdès.
In the long term, Lion Group also intends to expand into industrial manufacturing, tourism, and agricultural development in Algeria.
The agreement was signed just one day before Algeria’s Parliament passed a new mining law, which simplifies licensing procedures and broadens the legal framework for foreign private investment, according to VNA.
The investment from Malaysia is part of the mining development strategy that the Algerian government is pursuing, aiming to increase the total national economic value to US$400 billion by 2027.
— Bernama
