TBEA to strengthen presence across Africa
China's TBEA Co will expand actively in African markets as part of its efforts to serve the Belt and Road Initiative.
The initiative was proposed by the Chinese government in 2013, focusing on connectivity and cooperation between China and countries and regions related to the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Africa is one of the continents that will benefit from the initiative, with more projects in industry and infrastructure to be launched in cooperation with Chinese enterprises.
TBEA is one of the leading providers of transformers and related products and solutions in China. It is a company that delivers and builds power transforming facilities in overseas markets.
According to Zhang Xin, board chairman of TBEA, the company will grasp the opportunities brought by the Belt and Road Initiative to step up its pace of going global.
"We will take more bold measures in globalization by participating in energy construction projects in countries related to the Belt and Road Initiative," Zhang said.
He predicted that overseas revenues will account for about 50 percent of the company's total business income in 2020.
Zhang is also the vice-chairman of the China National Machinery Industry Federation. He visited Tanzania in May on behalf of the federation and met Tanzanian President John Magufuli. Zhang has also paid visits to industrial parks in the country to seek opportunities for cooperation.
TBEA secured a $692.7 million contract in 2013 for building a 400-kilovolt power transmission project in Tanzania. Its 330-kV power transmission project in Zambia became operational in 2015. The company is also building a $1.18 billion power grid project in Angola.
TBEA is an important developer and producer of transformers, wires and cables, high-voltage electric aluminum foil and other products in the new energy sector.
It produces 260 million kilovolt-ampere equivalent of transformers annually, ranking No 1 in the world.
The company has provided environmentally friendly, smart and reliable energy equipment to more than 60 countries and regions.
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