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Manila Bulletin devider Philippines devider National devider PH agreement with China to revive country's steel industry — envoy

PH agreement with China to revive country's steel industry — envoy

Published Jan 7, 2023 07:02 pm

The signing of bilateral agreements between President Ferdinand “Bongbong” Marcos Jr. and Chinese President Xi Jinping is expected to revive the country’s steel industry, the Philippine envoy to China said Saturday.

In a press briefing, Ambassador Jaime FlorCruz believed the projects that have been placed on the table look “solid.”

These included the agreements on Baowu Steel at SteelAsia.

“Ang ini-expect po natin ay magpapasok ng 1.5 to 2 billion dollar investment para magtayo ng unang-unang liquid steel plant (We are expecting this to pour in 1.5 to 2 billion dollars of investment to set up the first liquid steel plant),” FlorCruz said.

Malacañang photo

According to him, the Philippines is one of the few countries in Southeast Asia that does not produce its own steel.

"So ang plano pong ito ay mag-uumpisa iyong ating steel industry. Kasi kung wala tayong steel industry na sarili, iyong manufacturing natin, lalo lagi tayong reliant on imports (So this plan will start our steel industry. Because if we don't have one, our manufacturing sector will always be reliant on imports)," FlorCruz said, adding that the project is expected to produce from 2,000 to 3,000 jobs.

The 14 bilateral agreements inked during the chief executive’s January 3-5 China visit were on agriculture, infrastructure, development cooperation, maritime security and tourism, among others.

The ambassador pointed out that the bilateral deals are aligned with the goals and needs of the government.

Marcos secured $22.8 billion in investment pledges from Chinese investors following his roundtable meetings with them. The pledges include $1.72 billion for agribusiness, $13.76 billion for renewable energy (RE) and $7.32 billion for strategic monitoring (electric vehicle, mineral processing).

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Bongbong Marcos Jaime Florcruz steel industry XI JINPING
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