According to the Algerian ambassador to Malaysia, Abdelhafid Bounour, Lion Group plans to invest around US$ 6 billion (RM27.5 billion) in Algeria in alliance with Algeria's strategic vision of becoming the gateway to Africa and beyond. Lion Group is a Malaysian conglomerate that operates in various industries such as retail, property development, mining, steel, aluminium, agriculture and services.
Algeria's industrial renaissance: Malaysian Lion Group channels US$6 billion for strategic development
The Algerian ambassador to Malaysia, Abdelhafid Bounour, asserted: "For example, Asian and European countries can export to Africa via Algeria. We have all the necessary infrastructure for this. The same applies to African countries; if they want to send goods to Europe, for instance, they can do so via Algeria. This is because we have the advantage of an association agreement with Europe."
A detailed analogy of Lion Group's operations
The group has operations in Malaysia, China, Singapore, Hong Kong, Cambodia, and Laos. Additionally, it has three companies listed on Bursa Malaysia, two in Singapore and one in Hong Kong. The group generates an annual turnover of about RM10.86 billion (USD 2.4 billion) and employs over 11,000 people.
What will this investment amount to in the near future?
The EU-Algeria Association Agreement marks a significant milestone in the relationship between the EU and Algeria. It provides a framework for both parties to trade goods more freely, with some benefits for Algeria. The aspiration of creating a free trade area by September 2020 was achieved, with just a few tariffs remaining to be removed. The news of Lion Group's planned investment in Algeria is a testament to the country's potential for growth and development. Let us continue to work towards building mutually beneficial partnerships and creating a brighter future for all.
The company's circulated statement specified the following:
Lion Group's email read: "We would like to inform you that we are in the preliminary stage of discussions with the authorities there. As such, we are not able to disclose any information at this time."
"The two sides also discussed the opportunities for cooperation and partnership in many areas of common interest, particularly in the context of the Malaysian group's strategy to set up structuring industrial projects in Algeria," the company's circulated email also read.
Conclusive study of Malaysian Lion Group's advancement in Algeria
It has been reported by the Algeria Press Service that Lion Group, a Malaysian conglomerate, has initiated the necessary procedures for the development of crucial industrial projects worth a total of US$6 billion in resource-rich Algeria. According to Algeria Invest, Lion Group has shown a keen interest in the country's aluminium and steel industries. The Malaysian group has expressed its eagerness to explore investment opportunities and create industrial projects in Algeria's aluminium and steel sectors.
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source：https://www.alcircle.com/news/algeria-s-industrial-renaissance-malaysian-lion-group-channels-us6-billion-for-strategic-development-104490
