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URGENCH, Uzbekistan, May 19, 2017 /PRNewswire/ — XCMG, one of the world’s largest construction machinery providers, has become the construction machinery solution supplier for the Urgench-Khiva high speed rail project in Uzbekistan, marking another milestone for the company in the Uzbek market since its establishment of a joint venture company with state-owned national rail carrier Uzbekistan Railways in 2014.
The Urgench-Khiva high speed rail line in the western province of Khorezm is part of Uzbekistan’s US$40 billion plan to transform the country’s industrial and transportation base by the year 2030.
“Khiva is a historic Silk Road city and home to Itchan Kala, a UNESCO World Heritage site. As a leading supporter of the Belt and Road Initiative (BRI), which will create a ‘New Silk Road’ that reconnects ancient trade routes, XCMG is proud to be part of this strategically important urban renewal project in Uzbekistan. This winning bid is another success for us as we further expand in the Uzbek market,” said Wang Min, chairman of XCMG.
XCMG’s joint venture in Urgench manufactures and sells machinery including hydraulic excavators, road rollers and bulldozers. Since 2014, the company has sold 334 excavators and bulldozers in Uzbekistan and XCMG’s excavators hold a 70 percent market share.
The successful cases in Uzbekistan is among the many that XCMG has achieved in the three years since the launch of the BRI. To date, the company has expanded its market share in 48 out of the 65 countries in its sphere, with export values there accounting for 75 percent of the company’s total volume.
To integrate with local markets, XCMG runs nine manufacturing facilities and KD factories in BRI countries and is expected to have two more in 2018.
“The BRI presents XCMG with a unique opportunity. We will continue to build bridges with countries along the ‘New Silk Road’ and satisfy clients’ needs while improving our brand influence,” Wang said.
XCMG is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks ninth in the world’s construction machinery industry. The company exports to more than 177 countries and regions around the world.