Chinese Engineering Firm Poly Technologies to Start Construction of Uzbekistan-Based Rubber Plant

Construction of the plant by a Chinese SOE seen as major step in implementing China's One Belt, One Road initiative

BEIJING, Oct. 7, 2015 /PRNewswire/ -- Chinese manufacturer and builder Poly Technologies Inc. recently held a groundbreaking ceremony for a rubber plant that the firm has been contracted to build in an Uzbek industrial zone. Attendees and speakers at the opening ceremony included Uzbekistan deputy Prime Minister Ibragimov Gulomjon Inomovich, Chinese ambassador to Uzbekistan Sun Lijie, China Poly Group General Manager and Poly Technologies Chairman Zhang Zhengao. In addition, more than 100 representatives from media organizations and government agencies involved in the project from both China and Uzbekistan also attended.

Photo - http://photos.prnewswire.com/prnh/20150925/270818

The Uzbek deputy Prime Minister said that he was looking forward to the opening of the rubber plant and mentioned that the construction of the project is expected to greatly improve the production capacity of Uzbekistan's rubber products. Ambassador Sun Lijie noted that the Chinese embassy in Uzbekistan is considering China's Silk Road Economic Belt initiative as an opportunity to continue the support of Chinese firms who wish to invest and start an undertaking in Uzbekistan, much as the embassy has always done.

Following six years of negotiations and planning, Poly will provide Uzbekistan with a turnkey production facility

During the visit of the Uzbek president to China in August of 2014, Poly Technologies signed a nearly US$184 million engineering, procurement and construction (EPC) agreement with Uzbekistan National Chemical.

The Uzbekistan rubber plant project is regarded by the Uzbek President and government as a national strategic development project and the construction of the facility is being treated as a high priority project under highly favorable terms.

Sino-Uzbek cooperation becomes the focus of attention as part of China's efforts to implement the One Belt, One Road initiative

The rubber production facility is also one of the key projects implemented as part of the cooperation agreement signed between China and Uzbekistan during the official visit of Chinese President Xi Jinping to the country. Uzbekistan is located at the heart of the coverage area of the One Belt, One Road initiative and has strategic importance from both geographical and political perspectives.

On December 4, 2014, Uzbek President Islam Karimov signed and issued a presidential decree regarding the establishment of a rubber plant in Angren Special Industrial Zone, marking the commencement of the construction of the project.

Aggressively expanding the firm's engineering business beyond China's borders by undertaking more infrastructure projects across Asia and Africa

The successful signing of the project represents a major breakthrough for the company in the central Asian market. It is of great significance to Poly Technologies' international development strategy as it will not only drive the economic development of the local market but also lay a foundation for the company to expand its engineering business beyond China's borders by undertaking more infrastructure and civil engineering projects in several Asian and African counties.

Poly Technologies, which has established extensive relationships with several hundred companies and government institutions in nearly 100 countries and regions worldwide, is now among China's top 100 foreign trade companies with aggregate foreign trade reaching tens of billions of US dollars. In addition, Poly Technologies has undertaken over 40 engineering, procurement and construction (EPC) projects across a number of overseas markets and has been active in conducting collaboration in EPC, BT, BOT and PPP projects worldwide, making great contributions to the economic development and industrial transformation of the countries where its customers are based.