Fujian firm wins two foreign construction bids

China Wuyi Co., Ltd. announced on February 3 that the company won the bids for two overseas construction projects worth 379 million yuan (US$55.1 million). The two projects are expected to make profits of 18 million yuan for the company, Chinanews.com reported.

China Wuyi will help Papua New Guinea to upgrade a 34-kilometer-long road in Eastern Highlands province of the country and build an office building for the Central Bank of Kenya in the CBD of Kenya’s capital Nairobi.

According to Lin Qiumei, general manager of Fujian Construction Engineering Group Company (FCEGC), the parent of China Wuyi, FCEGC has completed or is constructing 89 engineering projects valued at a total of 12.5 billion yuan (US$1.8 billion) in over 10 emerging markets such as Indonesia, Ethiopia and Uganda.

FCEGC plans to fulfill a value of US$500 million in new contracts of overseas business by 2020, with US$400 million in revenue and over US$30 million in profits. The company will also gradually shift its role from contractor to investor and operator.

According to statistics, with the support of the Fujian government, enterprises in the province have invested a total of US$11.16 billion in foreign markets in 2016.