In the morning of May 23, Mr. Prakash Gupta, Consul-General of India in Shanghai, paid a special visit to XCMG in the company of Mr. Weimin Sun, Vice Director of the Foreign Affairs Office of Xuzhou, and was warmly welcomed by Mr. Dongsheng Yang, XCMG General Manager & Deputy Party Secretary. At the reception, Mr. Yang extended his sincere gratitude to the Consul-General and his colleagues on the behalf of Mr. Min Wang, XCMG’s Chairman, and spoke highly of his wonderful lecture on India's business and culture.

Opening Speech by Mr. Dongsheng Yang, General Manager of XCMG

During the friendly conversation, Mr. Yang said that as two ancient civilizations in the world, China and India is geographically connected and has been culturally integrated since ancient times. The peoples from the two countries have enjoyed a long history of friendly exchanges. India enjoys massive market potential, unique cost advantage and improving business climate, laying a solid foundation for deepening bilateral trade and cultural cooperation. Indeed, as an emerging country strategically perched on the B&R trading routes and a member of BRICS group, India's economy has witnessed rapid development over the past few years, and has emerged out as the world's fastest-growing economy and the one of the most attractive destinations for foreign investors from across the world. The cooperation between the two countries in various fields, such as infrastructure, energy conservation, environmental protection and high-end technology, has been deepening and broadening over times.

Mr. Yang added that, frequent engagement and candid communications between top-level leaders from the two countries over recent years have enhanced mutual understanding and promoted ever-deepening cooperation, leading to an encouraging improvement in the bilateral relationships. XCMG will lose no time to grasp all the golden opportunities brought about by the rising bilateral relationship, as it always does, to strengthen partnerships with its Indian counterparts and increase its investments and inputs in India for a faster growth.

Mr. Prakash Gupta, Consul-General of India in Shanghai, delivered a lecture on India’s business and culture

The two-hour-long lecture focused on two topics: Business and Culture, and drew intermittent applauses from the admiring audiences with its profound knowledge, rich contents, concise explanations and witty words.

In terms of business, besides Sino-Indian high-level engagement, India’s economic dynamics, human resources, pro-business culture and other strengths, Mr. Prakash Gupta also gave a detailed introduction to newly-enacted laws and regulations for creating a favorable climate for FDIs and business ventures in India, and then asserted that just at the present, it is the prime time for XCMG to push for further development in India.

When it comes to India’s culture, after finishing his vivid illustrations of Indian history, geography, religions, languages and living habits of the locals, he affirmed, with pride, that the long history and diverse culture of India, a major cradle of the civilized world, are full of huge potential influences, and have been delivering underlying effects on entrepreneurships and business practices on this piece of land, and gave his valuable suggestions to the audiences at the end of the session, which will be a true guide to XCMG’s future development in India.

Mr. Yang and Mr. Prakash Gupta exchanged souvenirs.

XCMG MACHINERY(INDIA) PVT.LTD

As a leading enterprise in China’s construction machinery industry, XCMG has always attached great importance to expanding its business in the Indian market, and set up XCMG MACHINERY (INDIA) PVT.LTD a few years ago, specializing in providing XCMG’s high quality products and services to local customers and ensuring reliable supply of spare parts. The Chennai-based XCMG Schwing Company is dedicated to concrete machinery manufacturing, and has created nearly 1,100 jobs for the local residents.

XCMG will invest USD 150 million in setting up factories in India.

In addition, during his business visit to Chennai on January 12, 2017, Mr. Wang, XCMG Chairman, announced that XCMG will invest USD 150 million in setting up factories in the City. This move will provide more jobs for local communities, increase local tax revenues, promote local science&technology development, and also provide a solid foundation for XCMG to grow further in India.