Changsha (CNS) -- Sany Group, the world's biggest concrete machinery manufacturer, will invest another 25 million USD to build a new research and development (R&D) center, slated for construction next year, announced Liang Wengen, president of Sany, on October 20.
Sany will start the construction of the building ahead of schedule and will speed up its investment in the U.S. market, said China's richest entrepreneur, as Georgia Governor Nathan Deal was visiting Sany's headquarter in Changsha, capital of China's southern Hunan Province.
In 2007, Sany reached an investment memorandum with the State of Georgia to invest 60 million USD in building an engineering machinery R&D and manufacturing center in Peachtree City. Sany has completed the phase one investment of over 40 million USD.
The main challenge Chinese companies are facing in overseas investment is a lack of mutual understanding, said Liang. Chinese products have a long way to go in terms of quality compared to their counterparts in the States; the U.S. market, however, does have bias towards Chinese brands, Liang noted.
"Let the products do the talking and convert the biased," said Liang, adding that this is one of Sany's key visions.
So far, Sany has established several R&D and manufacturing centers in India, the U.S., Germany and Brazil. Sany targets a sales revenue of 50 billion USD in 2015, of which its overseas market is expected to contribute between 25% to 35%.
