Chinese construction group plans to boost investments in Brazil

RIO DE JANEIRO - Chinese XCMG Group, the fifth largest manufacturer of construction machinery in the world, intends to increase its presence in Brazil, the company's president Wang Min said on Tuesday.

He and other XCMG representatives met in Brasilia with President Michel Temer, according to a statement from the president's office.

Wang said the company is confident that the recent measures taken by the Brazilian government will ensure safety for its investments.

"Brazil has a lot of potential and Brazilians are hard-working. During the crisis, several companies left the countries, but XCMG continues to trust the Brazilian government and the current administration. We will keep increasing our investments in Brazil," he outlined.

XCMG currently has a plant in Porto Alegre, southern Brazil, where it produces some 7,000 machinery units per year. In the meeting with Temer, XCMG laid out plans for the construction of a railway to integrate Brazil' s midwestern region, the country's grain basket.

The Midwest Integration Railway would connect midwestern states to the town of Vilhena, in the northern state of Rondonia state. The railway is part of a larger plan to facilitate Brazil' s connection with the Pacific Ocean and improve transportation logistics with Asia and Oceania.

"We will provide a solution for the infrastructure problems Brazil is facing now. We have presented some projects to the president, in which we could invest and work with the Brazilian government to boost infrastructure," vowed Wang.