Chinese mining firm to invest $350 million in Afghanistan

Fan China Afghan Mining Processing and Trading Company (FAMPTC) will invest $350 million over the next few months in various sectors including power generation, construction of a cement factory and in health in Afghanistan, the company announced on Thursday.

FAMPTC officials announced their plans in a meeting with Mawlawi Abdul Kabir, political deputy and acting prime minister of the Islamic Emirate of Afghanistan (IEA).

The company’s officials said that they had professional and specialized people to work on the projects and operational plans in place which will soon be implemented in Afghanistan, according to a statement released by the prime minister’s office.

The acting prime minister called on foreign and local investors to take the opportunity to invest in Afghanistan as conditions are more favorable than ever.

He said that the IEA assures investors that they and their assets will be safe.

Fan China Afghan Mining Processing and Trading Company (FAMPTC), is a joint venture between China’s Xinjiang Central Asia Petroleum and Gas Co (CAPEIC) and Afghanistan’s Watan Group, according to state news agency Bakhtar.

In January, IEA signed a contract with CAPEIC to extract oil from the Amu Darya basin and develop an oil reserve in the country’s northern Sar-e Pul province.