Algeria, Malaysian ‘Lion’ Group Forge Strategic Partnership for Industrial, Renewable Energy Projects
✏️ By: Dr. Hana Saada
Algiers, Algeria | July 11th, 2024 — On Thursday, Minister of Energy and Mines Mohamed Arkab welcomed a delegation from the Malaysian “Lion” Group, led by its CEO, Tan Sri Datuk Seri Utama William Chang, in Algiers. The meeting centered on exploring avenues for cooperation and investment, particularly in the context of the Malaysian group’s future industrial projects in Algeria.
Key Discussion Points
During their discussions, both parties examined potential collaborations in the exploitation of mineral resources and the manufacturing of photovoltaic panels. These initiatives are in line with Algeria’s strategic goals to enhance its industrial sector and expand its renewable energy capabilities. A communiqué from the ministry highlighted that the dialogue also covered various forms of cooperation related to transformation industry projects, emphasizing the importance of sustainable energy solutions.
Training and Technology Transfer
The discussions underscored the critical need for training, technology transfer, and the promotion of local products. These elements are seen as essential for fostering wealth and job creation within Algeria. Both sides expressed a keen interest in developing mutually beneficial partnerships that would support Algeria’s industrial growth and contribute to its sustainable development goals.
Strategic Commitment to Foreign Investment
This meeting underscores Algeria’s commitment to attracting foreign investment and expertise to bolster its industrial and energy sectors. It reflects a broader strategy to diversify the nation’s economy and promote sustainable practices. By engaging with international partners like the Malaysian “Lion” Group, Algeria aims to advance its industrial capabilities and achieve its long-term economic objectives.
Minister Faid Discusses Investment Opportunities with Malaysian “Lion” Group
Earlier, Finance Minister Laaziz Faid welcomed the delegation from the Malaysian “Lion” Group, led by its CEO Tan Sri Datuk Seri Utama William Chang, to discuss potential investment opportunities in Algeria. The meeting, held at the ministry’s headquarters, centered on exploring collaborative ventures in various key sectors.
The primary focus of the discussions was on industrial projects, with the Malaysian group expressing interest in initiating projects related to the exploitation and production of aluminum and steel in Algeria. The dialogue also extended to potential cooperation in renewable energy and tourism, highlighting areas of mutual interest and growth.
Minister Faid informed the delegation about the measures taken by the Algerian government to encourage investment and facilitate entrepreneurship. He emphasized the reforms aimed at creating a more conducive business environment, ensuring that Algeria remains an attractive destination for foreign investors.
The Malaysian delegation expressed confidence in the favorable investment conditions in Algeria, appreciating the comprehensive reforms undertaken by the government to enhance the business ecosystem. They acknowledged Algeria’s genuine commitment to fostering a fruitful and mutually beneficial cooperation.
Both parties pledged to work collaboratively to ensure the success of this strategic partnership, aiming to realize projects that drive economic growth and development in a win-win approach. This commitment underscores Algeria’s dedication to building strong international partnerships that contribute to its industrial and economic advancement.
Algeria-Malaysia Relations at a Glance
Diplomatic and Political Relations
Algeria established its embassy in Kuala Lumpur in 1993, marking the beginning of robust diplomatic ties with Malaysia. The relationship between the two countries is marked by mutual respect and cooperation. As members of the Non-Aligned Movement (NAM), the Organization of Islamic Cooperation (OIC), the Group of 15 (G15), and the Group of 77 (G77), Algeria and Malaysia share similar perspectives on various international issues and often coordinate their positions in international conferences and forums, particularly at the United Nations.
Economic Cooperation
The formation of the Malaysia-Algeria Business Council (MABC) in July 2010, chaired by Datuk Suhaidi Sulaiman, has opened new avenues for expanding and strengthening bilateral economic cooperation. Key sectors of collaboration include agro-industry, transport, public works, information and communication technology (ICT), services, tourism, water resources, and construction. The trade volume between the two nations has increased by 25% in recent years, reaching $300 million. Malaysian companies are keen to invest in the Algerian market, especially in halal products, the Islamic banking sector, and the digital economy. Additionally, Malaysia has seen a significant influx of Algerian tourists, with numbers reaching 20,000.
High-Level Visits
The strong relations between Algeria and Malaysia are evidenced by numerous high-level visits. The late Algerian President Abdelaziz Bouteflika visited Malaysia twice for the NAM and OIC Summits held in Kuala Lumpur in 2003. Former Malaysian Prime Minister Tun Dr. Mahathir Mohamad made a historic official visit to Algeria in August 2003, during which several bilateral agreements were signed, covering trade, information and communication technology, and cooperation between the APS and BERNAMA news agencies.
Cultural and Technical Cooperation
Algeria benefits from the Malaysian Technical Cooperation Program (MTCP), which has significantly contributed to the higher education sector. Hundreds of Algerian students are pursuing their studies in Malaysia. Both nations have expressed a desire to enhance their ties in higher education and culture.
Trade Dynamics
- Major Exports by Malaysia to Algeria:
- Palm oil
- Chemicals and chemical products
- Vegetable oil
- Wood products
- Textiles and clothing
- Major Imports by Malaysia from Algeria:
- Crude fertilizers and crude minerals
- Chemicals and chemical products
Parliamentary Collaboration
The establishment of the Algerian-Malaysian Parliamentary Friendship Group signifies a new cornerstone in promoting cooperation between the two parliaments. This initiative aims to further deepen relations and serve the interests of both nations, fostering stronger ties between the Algerian and Malaysian peoples.
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