Algiers (VNA) – Malaysia and Algeria have officially launched a strategic industrial cooperation project worth 8 billion USD, 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.
A memorandum of understanding (MoU) for the project was signed in Algiers on June 15 between Algeria’s National Company for Mining Research and Exploitation (Sonarem) and Lion Group, according to the Algerian Ministry of Energy, Mines and Renewable Energies.
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 — a pivotal condition Malaysian stakeholders had awaited for over a year to proceed with the project.
The above-mentioned 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 400 billion USD by 2027./.
