CCCC aims to expand its global presence
The Addis Ababa-Adama Expressway, the first in Ethiopia, is a decisive project for CCCC in Ethiopia. [Photo provided to China Daily]
China Communications Construction Co, the country's largest provider of transportation infrastructure projects by contract value, will adopt varied models in global markets from infrastructure projects to industrial parks and property development in order to maintain robust growth, said a senior executive.
Li Maohui, assistant president of CCCC, said the company would make use of different investment models including public-private partnership, build-operate-transfer, equity participation, and mergers and acquisitions, to further compete with its established rivals in Spain and Germany,
The Beijing-headquartered group will seek alliances with capable foreign companies familiar with the local business environment in overseas markets, Li said. He made the remarks during an Open Day event the group had organized this month to introduce its big-ticket projects such as the Mombasa-Nairobi Standard Gauge Railway in Kenya and the Hong Kong-Zhuhai-Macao Bridge, in Shantou and Guangzhou in Guangdong province.
Supported in different business segments by over 60 subsidiaries such as China Road and Bridge Corp and CCCC Investment Co, CCCC has set up more than 240 branches, research institutes and service hubs in 118 countries and regions. The group has signed overseas contracts worth $170 billion over the past five years.
While local economies have benefited from these projects, particularly those related to the Belt and Road Initiative, the company has also enriched its overseas experience in areas such as foreign staff training, and project and risk management, said Li.
He said China's new round of reform and opening-up policies, and high-standard international trade platforms such as the China International Import Expo will build a comprehensive platform for Chinese companies to expand cooperation with global companies in areas from equipment procurement to production capacity cooperation in third-party markets, especially in Southeast Asia, the Middle East and Latin America.
Eager to enhance its market presence in the Americas, CCCC and its subsidiary China Harbor Engineering Co jointly won the bid for the fourth bridge over the Panama Canal with a contract price of $1.42 billion in July.
The project will not only be one of the most important engineering programs in Panama and Central America in the next few years but also the biggest bridge project that a Chinese company has won a bid for in the Americas.
The fourth bridge - a road-rail bridge - over the Panama Canal will be 510 meters long, 51 meters wide and 75 meters high.
Chinese companies have played an important role in driving globalization and contributing to global economic recovery through pushing for free trade, infrastructure development and other forms of investment activities, said Cai Fengxiang, general manager of CCCC Investment.
Li Jin, chief researcher at the China Enterprise Research Institute, said the tangible development of the Belt and Road Initiative is critical for Chinese companies and others. For example, the Silk Road Economic Belt starts in China and ends in Europe, and every country between those points is involved. That means the initiative is important for businesses in all destination countries and regions.
CCCC is engaged in the design and construction of transportation infrastructure, dredging and heavy machinery manufacturing businesses.
Its business scope includes terminals, roads, bridges, railways, tunnels, container cranes, heavy marine machinery, large steel structure and road machinery manufacturing, as well as international project contracting, and import and export trading services.
Source：China Daily Editor：Lucky
(Source_title：Construction giant CCCC aims to expand its global presence)