China’s Tsingshan to set up iron industrial complex in Basra
The Tsingshan Holding Group office building in Shanghai, China. Photo: Qilai Shen/Bloomberg
Baghdad (IraqiNews.com) – Tsingshan Holding Group, a Chinese private company active in the stainless steel and nickel industries, will set up an industrial complex in the southern Iraqi governorate of Basra to produce iron using direct reduced iron (DRI), also called sponge iron.
The announcement took place during a meeting on Thursday that brought the Iraqi Prime Minister, Mohammed Shia Al-Sudani, together with the President of Tsingshan Holding Group, Zhang Jiming, and his accompanying delegation, according to a statement issued by the Prime Minister’s Office (PMO).
Al-Sudani confirmed that Iraq has promising investment opportunities in different fields, indicating that the government will provide all the facilities needed by major companies of different nationalities.
Tsingshan, which has multiple investments in many countries worldwide, will set up an advanced industrial city in Basra governorate to produce iron.
The Chinese company will also sign a contract to establish sulfur processing facilities in Iraq to be exported to other countries.
These projects are part of the government’s agenda that focuses on the utilization of natural resources and mineral wealth throughout Iraq.
The projects will revitalize the Iraqi industrial sector, which is an important part of the economic reform steps that the government program prioritizes.