China to invest $2.3b in steel, power

Published: November 29, 2017 19:38:55 | Updated: November 30, 2017 15:52:09

China’s Kunming Iron & Steel Holding Company Ltd. will invest $2.3 billion for setting up a steel factory and a power plant in either Maheshkhali or Mirsarai economic zone.

Bangladesh Economic Zones Authority (BEZA) and Yunnan Yongle Overseas Investment Co Ltd signed a Memorandum of Understanding (MoU) in this regard at a ceremony held in the city today, according a BEZA media release.

Kunming Iron & Steel Holding Company, a sister concern of Yunnan Yongle Overseas Investment Co. Ltd, will conduct a feasibility study in Maheshkhali and Mirsarai economic zones for the selection of a suitable site for the proposed power and steel plants.

Yunnan Yongle Overseas Investment Co. Ltd sought 1,000 acres of land and its investment will create jobs for 30,000 people, said BEZA, according to BSS.

Principal Coordinator (SDG affairs) of Prime Minister's Office (PMO) M Abul Kalam Azad attended the MoU signing ceremony as the chief guest while Chinese ambassador to Bangladesh Ma Mingqiang was present as special guest.

BGMEA President Md Siddiqure Rahman, Chairman of Star Infrastructure Development Ltd Md Abdul Matlub Ahmad and Yunnan Yongle Overseas Investment Co. Ltd Chairman Wu Yunkun also attended the ceremony, among others.

BEZA executive chairman Paban Chowdhury presided over it.

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