Chinese construction machinery manufacturer LiuGong Machinery is planning to expand its business in the Asia-Pacific region by building three new factories and three machine assembly facilities. The company has not yet selected the specific countries for these facilities but has mentioned Thailand as a potential location.
Xiang Dongsheng, deputy general manager of LiuGong Machinery Asia Pacific, stated that the new facilities are expected to begin construction next year. The company is currently considering the financial requirements for these projects. LiuGong has identified several countries in the ASEAN region as potential targets for its expansion, including Thailand, Vietnam, Myanmar, and the Philippines.
LiuGong Machinery supplies a wide range of products to its customers, including excavators, rollers, bulldozers, motor graders, pavers, skid steer loaders, cranes, and mining trucks. It also sells sugar cane harvesters and tractors to the agricultural sector.
According to market analysis company Market Research Future, the heavy construction equipment market in the Asia-Pacific region is projected to reach a value of US$96.7 billion between 2022 and 2030.
LiuGong sees a positive business outlook for Thailand due to increased demand from the agricultural and construction sectors. The Thai government’s infrastructure development projects are expected to drive the construction sector and provide opportunities for businesses supplying products to builders.
Local steelmakers are also benefiting from these projects and have urged the government to expedite budget disbursement to support infrastructure development, which requires steel.
Transport Minister Suriya Jungrung-reangkit has directed the acceleration of key railway projects in Thailand, leading the State Railway of Thailand to request over 50 billion baht in financing for the construction of the double-track railway section from Khon Kaen to Nong Khai and the extension of the Red Line electric train.
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SOURCE: http://bangkokpost.com
