Chinese conglomerate Panhua Group has signed an agreement with the Philippine Economic Zone Authority to supply a $ 3.5 billion integrated steel mill. USA in the Philippines.
Peza Deputy General Manager Teo Panga said the proposal was one of the agreements reached during the recent Philippine investment mission to Chongqing and Zhangjiagang, China.
Domestic demand for steel rose to 10 million tonnes per year, making the Philippines the 17th largest importer in the world.
Panga said the proposed steel plant is state-of-the-art equipment capable of producing 10 different production lines for various purposes, including a modern port and a 300-hectare industrial park.
Peza said the project is a welcome development for the Philippines and will stop steel imports.
He noted the strategic importance of the project and the role of the government in providing all support for the large-scale Panhua project and other innovative industries “to ensure the continued growth of the local manufacturing sector and maintain the Philippine status as one of the fastest growing economies in the world.
“We can further stimulate domestic production and accelerate our industrialization if we attract foreign direct investment, which will lead to the creation of major industries in the country such as integrated metallurgy, petrochemicals and mineral processing,” said Panga.
Chinese company earned contract for steel plant in Philippines
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Azovpromstal® 18 July 2018 г. 12:19 |
