Daily Archives: March 28, 2018

XCMG Delivers Order of 70 Articulated Dump Trucks Worth USD 31.63 Million

XUZHOU, China, March 28, 2018 /PRNewswire/ — XCMG, the world’s leading construction machinery manufacturer, has delivered 70 units of its XDA40 articulated dump truck to customers in Central Asia and South Africa, completing an export order that is worth 200 million yuan (USD 31.63 million).

XCMG's USD 31.63 Million Order of Dump Trucks Are Delivered to Central Asia and South Africa.

Designed for use in major mining projects and capable of handling loads of up to 40 tons, the advanced and durable XDA40 articulated dump truck is XCMG’s flagship model. Highly adaptable so as to meet the needs of clients all around the world, the 70 units in this major order have been customized to client specifications and will see service in major projects located in varied climates and terrains across two continents.

“This RMB 200 million export order has set a new record for articulated dump trucks. It represents XCMG and China’s strength in high-end equipment manufacturing and is a milestone on China’s path to global dominance in the global mining equipment market,” noted Wang Min, Chairman and President of XCMG.

“In 2017, XCMG’s Excavator Machinery Business Department export volume grew by 150 percent year-on-year. Our mining equipment has amazed the global market with its brilliance and broken the monopoly of foreign brands. In the future, we will continue to strive to reach the peak of the industry and remain a world-class mining equipment brand,” added Wang.

As a pioneer and leader in the Chinese construction machinery industry, XCMG has adopted an innovation-driven strategy to achieve continuous breakthroughs in technology and product development.

The group has recently completed a high-end production line featuring 70-700 tonnage hydraulic mining excavators, 60-360 tonnage mining dump trucks and 30-60 tonnage articulated mining dump trucks, making XCMG one of the few manufacturers in the world and the only one in China that’s capable of developing and manufacturing large set mining equipment for open-pit mining.

About XCMG

XCMG is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks eighth in the world’s construction machinery industry. The company exports to more than 177 countries and regions around the world.

For more information, please visit: www.xcmg.com, or XCMG pages on Facebook, Twitter, YouTube, LinkedIn and Instagram.

Photo – https://mma.prnewswire.com/media/659205/0302.jpg

AFRICA MUST BUILD DIGITAL INFRASTRUCTURE TO COMPETE IN INDUSTRIAL REVOLUTION, SAYS AFDB

ABIDJAN– To compete at the accelerated pace of technological innovations and the 4th Industrial Revolution, Africa has to put in more money into training its people and equipping them with the skills they need for the jobs of the future, Akinwumi Adesina, the President of the African Development Bank, has said.

He also called on African countries to rethink the way they do manufacturing.

Speaking at an opening panel on Tech Revolutions: Widening Gap or Leapfrog Opportunity at the 2018 Africa CEO Forum in Abidjan, Ivory Coast, Adesina reminded stakeholders that, in spite of the current pace of breakthroughs, Africa still lags behind.

Speaking earlier, the President of Ivory Coast, Alassane Ouattara, said, By 2050, Africa will have the youngest population in the world � one person out of five will be an African. This will be a great opportunity only if the youth are well educated.

Adesina called for the establishment of high-technology industrial clusters with a particular focus on the factories, skills and jobs of the future.

The key is to make sure that the CEOs are investing in the factories of the future. Why must we just be consumer-centered? We have to innovate, we have to create. We have to be entrepreneurial in driving the continent towards the 4th Industrial Revolution. To strive in this new environment, we need digital infrastructure, Adesina said.

If we are not in investing in science, technology, engineering and mathematics, we are not going to catch up with digitalization.

Adesina called on Africa to lead the way, but called on Governments and the private sector to invest in infrastructure for the digital revolution to succeed.

China is already ahead with robotics. We have to improve our manufacturing capacities. How do we compete with robots? Robots don’t take leave, they don’t go on strike. We have to train our young people not for the jobs of yesterday, but prepare them to create the jobs of the future.

He cited the African Development Bank’s investment in digital infrastructure in Africa as an example of how investment in innovation could drive development, noting that we need to have great infrastructure and energy for development.

The African Development Bank, he said, is leading the way in de-risking the businesses of young people to help them have access to finance.

We need to give young people more access to capital so they can expand their ideas. When a young person goes to a bank, people don’t see ideas they just see risk, risk and risk, he stressed.

The Prime Minister of Ivory Coast, Amadou Gon Coulibaly, who also spoke as a panelist, said training was indispensable in transforming Africa’s industrial sector.

It is important to give our youth the skills they need to cope with this digital revolution. We need to continue to train our youth to find local content for the transformation, he noted.

If technologies don’t form the industrial revolution, we don’t compete. Innovate and lead the charge, said Stephanie von Friedeburg, Chief Operating Officer for the International Finance Corporation.

For his part, Alhaji Abdulsamad Rabiu, Chairman and Chief Executive Officer, BUA Group, stressed the need for African Governments and the private sector to work together to develop the technologies required for an industrial revolution.

You need jobs, but you also need technology, he said.

He recalled the e-wallet system introduced by Adesina while he was Nigeria’s Agriculture Minister to curb corruption in fertilizer distribution and emphasized the place of technology in socio-economic development.

In our cement operation, it is difficult to achieve efficiency without automation and technology. Across the board, it is important to bring in technology, he noted.

Amine Tazi-Riffi, a Senior Partner at McKinsey, also charged Africa to improve the quality and number of engineers that it trains.

Source: NAM NEWS NETWORK

AFRICA’S PREMIER INVESTMENT MARKETPLACE TO ACCELERATE CONTINENT’S ECONOMIC TRANSFORMATION

ABIDJAN– To help Africa find the path to its long-deserved economic fortune, the African Development Bank is championing the region’s premier investment market.

The Bank is providing collaborative leadership for a new 100% transactional initiative � the Africa Investment Forum (AIF) � which provides Africa’s best opportunity so far to encourage accelerated economic transformation.

The African Development Bank is working with the world’s leading financial institutions to de-risk investment through the platform and make it a springboard for Africa’s economic transformation.

The President of the African Development Bank, Akinwumi Adesina, told key Government and private sector leaders at a breakfast session on the sidelines of the 2018 Africa CEO Forum in Abidjan on Tuesday, that the AIF would be exclusively about transactions and investment deals.

This is not a talk shop. There will be no political speeches. It provides an open platform to organise efforts among multilateral institutions, governments and private sector to improve a pipeline of projects capable of transforming the continent, he said.

The first Africa Investment Forum will be held on Nov 7-9, 2018 in Johannesburg, South Africa. It will then be held yearly to enable and facilitate interactions to broker and accelerate deals, for candid discussions with policy-makers to shape the business and regulatory environment, as well as to track the implementation of commitments.

Adesina noted that the cost of doing business in Africa is improving.

Last year, and the year before, at least 30% of all the business and regulatory reforms that were done globally were not done in Asia. They were not in Latin America. They were done in Africa. If you look at what is happening in terms of foreign direct investments coming to Africa, it continues to rise. Why are they rising? This is because of the greater political stability that is found on the continent, he said. So there is a lot of optimism about our continent and in fact there is a discussion among our leaders towards an Africa beyond aid.

He highlighted Africa’s human and material resources, stressing how they could be harnessed to make Africa the powerhouse of the world. I think that the sovereign wealth of Africa is actually not being invested in Africa. It is being invested outside of Africa. And if Africa doesn’t invest enough, then who is going to invest? One of the reasons this happens is because people have a perception of risk. But the issue is not risk. It is about how you manage risk.

On the AIF platform are the International Finance Corporation (IFC), the World Bank, the Inter-American Development Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development, among others, who are working with the African Development Bank to set up a mutualized co-guarantee platform to de-risk investments.

We also have those that are working on pipelines � Africa50 and others � that are very actively involved in this, Adesina said.

Ghana’s Minister of Finance, Ken Ofori-Atta, stressed that the bond market should be a strong part of the new move to mobilize resources for Africa’s economic transformation and lauded the idea of the African Development Bank and partners coming together through AIF to de-risk investment.

The reality for the world is that Africa has to be, and will be, the best place to invest in future. What do we do for ourselves so that we unlock our own potential for investments? I think the emphasis now is on increasing infrastructure so that we open up the continent for investment opportunities to be properly exploited, he said.

The Chief Executive Officer of one Africa’s largest distributor of consumer goods, Massmart, Kuseni Dlamini, called attention to the need for Africa to move from risk to opportunities and to take advantage of the many investment opportunities presented on the continent.

The time to talk transaction is indeed now. I think that Africa has a lot to offer and we need to take advantage of opportunities, he said.

Tigui Camara, Chief Executive Officer of Tigui Mining Company, said she was delighted that the African Development Bank was leading the investment initiative and called for more support for women in the informal sector.

Alain Ebobisse, the Chief Executive Officer of Africa50 � the Pan-African infrastructure investment platform � called on African Governments to create the right environment to attract investors to the continent.

The breakfast session was well attended by top Government officials, industry leaders and financial institutions, including the President of African Export�Import Bank (Afreximbank), Dr. Benedict Okey Oramah.

The Africa Investment Forum will focus on improving the ease of doing business in Africa by advancing and promoting investment-friendly regulation. It will also champion ethical business practices in Africa.

Source: NAM NEWS NETWORK

AFRICA’S PREMIER INVESTMENT MARKETPLACE TO ACCELERATE CONTINENT’S ECONOMIC TRANSFORMATION

ABIDJAN– To help Africa find the path to its long-deserved economic fortune, the African Development Bank is championing the region’s premier investment market.

The Bank is providing collaborative leadership for a new 100% transactional initiative � the Africa Investment Forum (AIF) � which provides Africa’s best opportunity so far to encourage accelerated economic transformation.

The African Development Bank is working with the world’s leading financial institutions to de-risk investment through the platform and make it a springboard for Africa’s economic transformation.

The President of the African Development Bank, Akinwumi Adesina, told key Government and private sector leaders at a breakfast session on the sidelines of the 2018 Africa CEO Forum in Abidjan on Tuesday, that the AIF would be exclusively about transactions and investment deals.

This is not a talk shop. There will be no political speeches. It provides an open platform to organise efforts among multilateral institutions, governments and private sector to improve a pipeline of projects capable of transforming the continent, he said.

The first Africa Investment Forum will be held on Nov 7-9, 2018 in Johannesburg, South Africa. It will then be held yearly to enable and facilitate interactions to broker and accelerate deals, for candid discussions with policy-makers to shape the business and regulatory environment, as well as to track the implementation of commitments.

Adesina noted that the cost of doing business in Africa is improving.

Last year, and the year before, at least 30% of all the business and regulatory reforms that were done globally were not done in Asia. They were not in Latin America. They were done in Africa. If you look at what is happening in terms of foreign direct investments coming to Africa, it continues to rise. Why are they rising? This is because of the greater political stability that is found on the continent, he said. So there is a lot of optimism about our continent and in fact there is a discussion among our leaders towards an Africa beyond aid.

He highlighted Africa’s human and material resources, stressing how they could be harnessed to make Africa the powerhouse of the world. I think that the sovereign wealth of Africa is actually not being invested in Africa. It is being invested outside of Africa. And if Africa doesn’t invest enough, then who is going to invest? One of the reasons this happens is because people have a perception of risk. But the issue is not risk. It is about how you manage risk.

On the AIF platform are the International Finance Corporation (IFC), the World Bank, the Inter-American Development Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development, among others, who are working with the African Development Bank to set up a mutualized co-guarantee platform to de-risk investments.

We also have those that are working on pipelines � Africa50 and others � that are very actively involved in this, Adesina said.

Ghana’s Minister of Finance, Ken Ofori-Atta, stressed that the bond market should be a strong part of the new move to mobilize resources for Africa’s economic transformation and lauded the idea of the African Development Bank and partners coming together through AIF to de-risk investment.

The reality for the world is that Africa has to be, and will be, the best place to invest in future. What do we do for ourselves so that we unlock our own potential for investments? I think the emphasis now is on increasing infrastructure so that we open up the continent for investment opportunities to be properly exploited, he said.

The Chief Executive Officer of one Africa’s largest distributor of consumer goods, Massmart, Kuseni Dlamini, called attention to the need for Africa to move from risk to opportunities and to take advantage of the many investment opportunities presented on the continent.

The time to talk transaction is indeed now. I think that Africa has a lot to offer and we need to take advantage of opportunities, he said.

Tigui Camara, Chief Executive Officer of Tigui Mining Company, said she was delighted that the African Development Bank was leading the investment initiative and called for more support for women in the informal sector.

Alain Ebobisse, the Chief Executive Officer of Africa50 � the Pan-African infrastructure investment platform � called on African Governments to create the right environment to attract investors to the continent.

The breakfast session was well attended by top Government officials, industry leaders and financial institutions, including the President of African Export�Import Bank (Afreximbank), Dr. Benedict Okey Oramah.

The Africa Investment Forum will focus on improving the ease of doing business in Africa by advancing and promoting investment-friendly regulation. It will also champion ethical business practices in Africa.

Source: NAM NEWS NETWORK