Jushi Group Co Ltd., a manufacturer of fiberglass, plans to establish its first overseas production base in North Africa in the 2H 2011. The move is a bid to boost overseas expansion and resist trade …
Jushi Group Co Ltd., a manufacturer of fiberglass, plans to establish its first overseas production base in North Africa in the 2H 2011. The move is a bid to boost overseas expansion and resist trade protectionism, according to the company“s top official. The company said that the total investment in the new production base amounts to USD 200 million, and the plan has already been approved by the government. The company also expects to establish more overseas production bases in North America and India in the near future. Currently, Jushi has an annual production capacity of 900,000 tonnes, which accounts for 18% of the global output, with 50% exporting to 74 countries and regions worldwide, according to the company“s data. In September 2010, the European Union (EU) began to levy anti-dumping tariffs of 43.6% on Chinese-made fiberglass. Although the EU reduced the tariffs to 13.8% in mid-March 2011, the growing trade protectionism targeting on China will continue to pose serious challenges, according to the company. A spokesperson in charge of investment strategies for Jushi said that in addition to the EU, Turkey and India have also imposed anti-dumping tariffs of around 20% on the company“s fiberglass. It is thus considered imperative for the company to accelerate the establishment of overseas production bases in order to resist trade protectionism.