Sany Signs Key Agreements for Expansion in African Markets
Sany Group and Sany Heavy Industry signed two major agreements to strengthen international capacity cooperation with African nations at the 2016 Hunan–Africa International Industrial Cooperation Conference & Cross-Border Networking Event on June 27.
In a speech delivered at the event in Changsha, Sany Heavy Industry President Xiang Wenbo introduced Sany's business vision for Africa. He noted that the company planned to strengthen cooperation with African nations in industrial manufacturing, renewable power generation, infrastructure development, and urban construction.
Xiang hopes that Sany can contribute to improving local economies and the lives of the African people it works with, using localized business models that offer investment and jobs, in addition to heavy machinery exports.
The “Agreement on Ethiopia–Hunan Equipment Manufacturing Park Operation and Management” was jointly signed by Sany Group and participating Chinese and Ethiopian enterprises and organizations.
The equipment manufacturing park will produce construction machinery, renewable power systems, machinery parts, and other general equipment. Sany's main investment will be in wind power equipment.
Sany Heavy Industry signed an MoU with the China-Africa Development Fund and China Development Bank on “Investment Project Cooperation in Africa and Portuguese-Speaking Countries”. The company will gain funding for its expansion efforts in Algeria, Ethiopia, Tunisia, South Africa and Brazil through the aforementioned Chinese institutions.
Sany has over 12,000 machines in use across Africa, with a sales volume exceeding $1.52 billion (10 billion yuan). National capacity cooperation strategies and continued government support will aid Sany in its increased efforts to expand and strengthen business in African markets.
