The Shymkent City administration and Fujian Hengwang Investment Co., Ltd have signed a memorandum to construct steelworks in the city over the next five years, QazMonitor reports citing the press service of the city’s administration.
Agreement: The facility will be located in the Temir industrial zone in Shymkent. During the project implementation, the Chinese company will invest $1.75 billion to achieve an annual production capacity of 5 million tons. The facility is expected to be built in three stages over five years, creating around 1,000 job opportunities.
The memorandum was signed by the Head of the Shymkent City administration, Gabit Syzdukekov, and the Chairman of the Board of Fujian Hengwang Investment Co., Ltd., Liu Yunmin.
The facility will utilize advanced technologies to ensure environmental safety.
Company: Fujian Hengwang Investment Co., Ltd is part of Jiangsu Coastal Steel Group Co., Ltd, which operates four factories in Jiangsu Province and two export offices in Shanghai. The company adheres to the International Organization for Standardization measures and China’s national standards for the design and production of stainless steel products. Their products are used in various fields, including the chemical industry, food, medicine, energy, and environmental protection.