Fujian Hengwang Investment Co., a Chinese company, has signed an agreement to construct a $1.75 billion metallurgical plant in Shymkent, a city in southern Kazakhstan. The project will be located in the Temir industrial zone and is expected to create thousands of new jobs. The plant’s annual production capacity will be five million tons, and it will be built in three stages over a period of five years. Although the specific products to be manufactured at the plant have not been disclosed, Fujian Hengwang Investment Co. is part of the Jiangsu Coastal Steel Group Co., a major player in steel production and international trade.
In addition to this ambitious project, Shymkent is also witnessing other significant investments. Alarko Holding, a Turkish company, is involved in building a greenhouse complex covering 500 hectares with an investment of $650 million, which will create 2,000 new jobs. Furthermore, a combined-cycle plant with a maximum capacity of 500 MW is under construction, aiming to provide high-quality electricity, heat, and hot water supply to the city.
LATEST NEWS
-
U.S. Economic Security Hinges on Strategic Minerals from Central Asia and Beyond
26/07/2024
-
Kaz Critical Minerals Expands Exploration in East Kazakhstan with New Licenses and Partnerships
26/07/2024
-
Kazakhstan’s Ambitious Industrial Expansion: 180 New Projects Set for 2024
26/07/2024
-
“Samruk-Kazyna” Reports Record Revenue Amid Shifts in Investment Strategy
25/07/2024
MOST POPULAR
-
An information system in the field of geology and subsoil use will be created in Kazakhstan
-
Kostanay mining operations have almost halved volumes
-
The Ministry of Finance announced the additional amount that will be required to fulfill the instructions of the President
-
Polymetal reduced production in Kazakhstan by 3% in 2022