The country’s Vice President Teodoro Obiang Nguema Mangue said that Equatorial Guinea aims to collaborate with the Chinese firm China Baowu Steel Group Corporation to invest in the steel industry in the Central African nation. 

Obiang said on his social media platforms late Wednesday that this investment has the potential to strengthen the country’s economy. “On my official visit to China, I invited China Baowu Steel Group to invest in Equatorial Guinea. This decision has the potential to create a new industrial plan, generate more national employment, enhance energy consumption, and boost our economy,” Obiang said, highlighting that the investment will also impact the gas and energy sectors.

During a meeting Wednesday to discuss the investment, Obiang directed the administration to take measures to facilitate the company’s entry and establishment in the country.

 Delegates from the Chinese company are anticipated to visit the country later this month for discussions with their counterparts regarding bilateral cooperation, according to the Information and Press Office of Equatorial Guinea.