On September 6, the commissioning ceremony of the first phase of Doublestar Cambodia tire factory was grandly held in the Special Economic Zone of Kratie Province, Cambodia. Xie Wudi, Secretary-General of the Cambodian Development Council, Vanthan, Governor of Cambodia's Kratie Province, Chai Yongsen, Chairman of Doublestar Group, Zhang Qirong, Chairman of Zhongqi Group, leaders of relevant Cambodian government departments, partners, and representatives of Doublestar's global dealers attended the event.
In response to the "Belt and Road" initiative and to develop higher-level foreign economy, on May 15, 2023, Doublestar Group and Zhongqi Group jointly started construction of a factory with an annual output of 8.5 million high-performance radial tires in the Kratie Special Economic Zone of Cambodia, including 7 million semi-steel radial tires and 1.5 million all-steel radial tires, with a total investment of approximately US$200 million.
Xie Wudi congratulated the Doublestar Cambodia tire factory on its commissioning and spoke highly of it. He said that Snuol District in Cambodia's Kratie Province has a superior geographical location and is an important and potential economic zone. Doublestar's establishment of a factory here will further promote the economic and social development of Kratie Province. Vanthan said that with the commissioning of Doublestar Cambodia tire factory, it will make significant contributions to local economic growth, job creation, and infrastructure development.
Doublestar Cambodia tire factory is another newly built modern factory using Doublestar's advanced production technology and experience. The products produced will be mainly sold to developed countries such as Europe and the United States. The commissioning of Doublestar's Cambodia tire factory is an important milestone in Doublestar's "localization" strategy and will surely accelerate Doublestar's pace of globalization. At the same time, it will promote local economic development and help the government solve employment problems. While the first phase of the project reaches full production as soon as possible, the construction of the second phase will be accelerated.
Doublestar Group is a state-owned enterprise under the Qingdao Municipal Government and ranks among the top 500 manufacturing enterprises in China. Existing industries include tires, artificial intelligence and high-end equipment, as well as the recycling of waste tires. In 2023, Doublestar Group achieved revenue of 26.6 billion yuan, a year-on-year increase of 18%, and profit increased by 149% year-on-year. Currently, Doublestar Group's tire turnover ranks tenth in the world and second in China, among which passenger car tires and overseas sales rank first among Chinese companies. In June 2024, the "Doublestar Tire" brand became China's first tire brand with a value of over 100 billion yuan. In 2018, Doublestar acquired Kumho Tire, the number one tire in the Korean market. Including Kumho Tire, Doublestar Cambodia factory is Doublestar Group's sixth factory in the world outside of China.
The commissioning of Doublestar's Cambodia tire factory will further accelerate the company's overseas market expansion, help Doublestar achieve high-quality development, and build it into a world-class company with sustainable development as soon as possible.
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