Corum Group Enters China’s Market
26 Мая 2014
On May 23, Corum Group and SHAN XI TZ COAL MINE WHOLE-SET EQIUPMENT CO., LTD signed the Memorandum of Understanding aimed at incorporating a joint venture in China.The document was signed during the 18th China International Fair for Investment and Trade held in Xiamen (Shaanxi Province) as part of the project “Economic Belt of the Silk Road”.
It is planned that during the first stage of cooperation, the companies will organise equipment assembly in China for the Chinese market, with the manufacture of the main units in the territory of Ukraine. At a later stage, the manufacture will be gradually localised and the equipment manufactured by the joint venture will also be shipped to other countries.
The major products to be manufactured by the joint venture will include components for underground mining mechanised units with the so called long wall technology, widely spread in Ukraine. It should be reminded that today such equipment is manufactured by the Underground Mining Division of Corum Group.
“Today, China promotes more efficient underground mining, particularly, fine bed development, at the legislative level. Our company has a 125 year experience in and all necessary competences for manufacturing economically efficient equipment required to this end. This creates good prospects for developing our business in the world largest coal market”, said Yevgeniy Romashchin, the General Director of Corum Group.
The signature of the Memorandum of Understanding was another step in implementing Corum’s strategy to enter new markets and is aimed at strengthening the trade and economic partnership between Ukraine and the PRC.
It should be noted that the Memorandum was also signed by Hennadii Chyzhykov, the President of the Chamber of Commerce and Industry of Ukraine, and Zhu Jia Hui, the Director of the China Council for the Promotion of International Trade (CCPIT). The signing ceremony was attended by Oleh Dyomin, the Ukrainian Ambassador to China.