A leading Chinese steelmaker will invest $2.13 billion in a mega Bangladesh-China project, according to a press release from the Bangladeshi side on Wednesday.

Two Memorandum of understandings (MoUs) were signed in Bangladesh capital Dhaka on Wednesday between Bangladesh Economic Zones Authority (BEZA), Chinese Yunnan Yongle Overseas Investment Co Limited and Bangladeshi Star Infrastructure Development Consortium Limited.

Star Consortium Bangladesh said in the release that objectives of the MoUs are to promote international capacity cooperation, explore and realize the development goal, create job opportunities, decrease import of steel in Bangladesh and improve production technologies.

Kunming Iron and Steel Holding Company (KISC), the parent company of Yunnan Yongle Overseas Investment Co Limited, will invest about $2.13 billion in Bangladesh.

It said the leading Chinese steelmaker intends to invest and establish a Bangladesh-China Iron and Steel International Capacity and Cooperation Demonstrative Zone Project in Bangladesh, as well as a 2-million-ton per year integrated iron and steel production.