One of reasons why Maeda decided investing in COFICO is that COFICO is a reliable partner with whom Maeda can grow. I am of the firm view that the bold leadership of Chairman Mr. Xu, in particular, will lead COFICO to a substantial development.
Incorporating a local company known as Maeda Vietnam Co., Ltd. (“MVC”) in Vietnam in 2007, Maeda stepped up its business in full swing there. In 2011, in joint operation with COFICO, Maeda successfully completed the Extension Works for Maruichi Steel Tube Second Plant with a total floor area of as much as 35,000 m2. The success on this project made the joint commitment of two companies enhanced in a great deal, thereafter resulting in securing large contracts from Idemitsu Kosan and Kyoei Steel the following year.
We, COFICO and Maeda, entered into a memorandum of understanding in May 2012 aiming to jointly carry on business, based upon which since then the volume and scope of information on potential projects has substantially increased. In July 2013, Maeda acquired some shares in COFICO, which acquisition did show Maeda’s determination, by making stronger business ties with COFICO, to mutually develop business and to benefit there from.
Contracts in MVC’s hand presently are those awarded mostly by Japanese clients. MVC is contemplating to undertake contracts for high-rise buildings. To make it come true, the collaboration with COFICO who has extensive performance record in that area will play a very imperative role. Reciprocally, Maeda is extending technical supports for COFICO to introduce the BIM, the state-of-art technology of which, I am confident, will no doubt improve COFICO’s execution capability and cost reduction performance alike.
In conclusion, I am really looking forward to the two companies’ business developing by making full use of the competitiveness and advantage that respective company retains.
President of Meada Group