FREETOWN - The Shandong Iron and Steel Group plans to expand its investment in Sierra Leone with $700 million for the construction of processing plants.

Hou Jun, chairman of the Chinese steel firm, made the announcement during a courtesy call on Sierra Leone President Ernest Bai Koroma on Friday.

Hou assured the president that the company's goal in Sierra Leone is to work "closely with the government to scale up China-Sierra Leone economic cooperation."

The company has committed $700 million for the construction of processing plants so as to further expand its business in Sierra Leone, said Hou.

President Koroma encouraged the Shandong Iron and Steel Group to scale up its activities through the injection of investment into its operations and promised continuous support from his government.

"We will continue to support the project because we believe it's a win-win situation for both the company and Sierra Leone," the president told Hou.