Hubei Province-based Wuhan Iron & Steel Heavy Industry Group Co., a subsidiary of Chinese steel producer Wuhan Iron and Steel Group, has inked a strategic agreement with Chinese conglomerate Fuhai Group, as announced by WISCO on August 4.
Accordingly, the two sides will develop all-round cooperation and technical exchange to promote steel equipment exports and will cooperate on the construction of Jambi Industrial park in Indonesia with the advantages of WISCO Heavy Industry in metallurgical machinery, mining machinery and other sectors.
The Jambi Industrial Park being built by Fuhai Group is the first large-scale industrial park to be built by Chinese enterprises overseas, and will help to fill gaps in steel supply in Indonesia.
As an important partner in China’s One Belt, One Road development strategy, Indonesia has been cooperating with China in investment projects in metallurgy and mining, and this also provides a good opportunity for China to exploit the market in Indonesia.