The newly inaugurated $546 million steel plant in Bolivia, funded by China, aims to satisfy half of the country’s steel demand, create jobs, and boost economic recovery. Managed by Sinosteel, the plant will produce 200,000 metric tons of steel annually, significantly enhancing Bolivia’s industrial capabilities and reducing foreign imports.
In Puerto Suarez, Bolivia, the inauguration of a significant steel plant has taken place, primarily financed by the Export-Import Bank of China. This $546 million project, which commenced operations on February 24, aims to fulfill half of Bolivia’s steel requirements and enhance the nation’s economic recovery and industrial capabilities. The plant will be managed by Sinosteel Engineering and Technology, a subsidiary of the state-owned Sinosteel Corporation.
The establishment of the Mutun steel plant presents a considerable opportunity for Bolivia’s economic advancement by reducing reliance on steel imports and bolstering exports. With projected annual production of 200,000 metric tons and potential job creation, this project signifies a pivotal moment in Bolivia’s industrial growth. Collaboration with China is expected to continue, further diversifying trade and enhancing Bolivia’s economic landscape.
Original Source: www.chinadaily.com.cn
