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Development

Daewoo Focuses on West (including Qinghai-Tibet Railway)

[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 03/05/10; May 10, 2003.]

(China Daily) China Daily is an official publication of the Communist party of China

http://www.tibetinfor.com/english/news/2003-5-8/News0200358142953.htm

Daewoo focuses on west The Daewoo Heavy Industries (Yantai) Co Ltd said it will continue to contribute to China's western development strategy by taking part in more key national projects in the future.

To date, 40 per cent of its excavators have been sold to the country's western region, including Gansu, Shaanxi and Sichuan provinces and the Inner Mongolia Autonomous Region.

Daewoo Yantai President Kenneth Chae said that, as market demand for machinery increases, the company has started taking part in national projects such as the western development project, the construction of the Qinghai-Tibet railway, the South-North water-diversion project and infrastructure construction for the 2008 Olympic Games to be held in Beijing.

Last year, Daewoo Yantai was the first company to develop an excavator that could withstand the severe conditions on the Qinghai-Tibet Plateau. Due to its success, the model is being widely used during construction of the Qinghai-Tibet railway line.

In the past three years, Daewoo Yantai has enhanced its sales network in western China and witnessed a surge in its sales volume, according to Chae.

The company has also set up primary schools in Gansu and Qinghai provinces and the Ningxia Hui Autonomous Region. The company has also promised to make an annual investment of 500,000 yuan (US$60,400) to build two primary schools each year in western China. It aims to eventually build 100 schools overall.

The company has become China's largest excavator producer, with a market share of 20 per cent and a sales volume of 2 billion yuan (US$242 million) last year.

It is expected to produce 6,000 excavators and 1,200 forklifts this year. The company aims to grow by an average of 40 per cent a year over the next five years. It hopes to realize a sales income of 8 billion yuan (US$967 million) by 2008, according to Chae. Selected From China Daily


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