Company type | State owned enterprise |
---|---|
Industry | Construction, engineering |
Founded | 1960 |
Headquarters | Beijing, China |
Parent | CITIC Group |
Website | cici.citic.com |
CITIC Construction is the construction and engineering subsidiary of the CITIC Group, a Chinese state-owned conglomerate. With US$2.73 billion in revenue in 2011, the company is ranked among the 100 largest construction companies in the world. [1]
CITIC Construction in 2010 formed a consortium with zinc producer Baiyin Non-Ferrous Group to make an equity investment of $185 million in Oxus Gold, a gold miner with assets in Central Asia. [2] [3] The financing deal gave the consortium a 59.7% stake in the company which had planned to use the funds to develop the Amantaytau Goldfields, an asset it held 50% of the ownership to in Uzbekistan. [2] The goal at the time of the deal was to expand annual production at the Uzbek mine to 300,000 ounces. [2]
On a two-day visit to Angola in 2012, Chang Zhenming head of the CITIC Group announced that the company was halfway through completing a plan to build 100,000 homes across 10 provinces in the country. [4]
The Amu Darya, also called the Amu, də Āmu Sind, the Amo, and historically the Oxus, is a major river in Central Asia, which flows through Tajikistan, Turkmenistan, Uzbekistan and Afghanistan. Rising in the Pamir Mountains, north of the Hindu Kush, the Amu Darya is formed by the confluence of the Vakhsh and Panj rivers, in the Tigrovaya Balka Nature Reserve on the border between Afghanistan and Tajikistan, and flows from there north-westwards into the southern remnants of the Aral Sea. In its upper course, the river forms part of Afghanistan's northern border with Tajikistan, Uzbekistan, and Turkmenistan. In ancient history, the river was regarded as the boundary of Greater Iran with Turan, which roughly corresponded to present-day Central Asia. The Amu Darya has a flow of about 70 cubic kilometres per year on average.
Central Asia is a subregion of Asia that stretches from the Caspian Sea in the southwest and European Russia in the northwest to Western China and Mongolia in the east, and from Afghanistan and Iran in the south to Siberia in the north. It includes Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The countries as a group are also colloquially referred to as the "-stans" as all have names ending with the Persian suffix "-stan" in both respective native languages and most other languages. Central Asia borders Eastern Europe to the west, West Asia to the southwest, South Asia to the southeast, North Asia to the north, and East Asia to the east.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
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CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing. As of 2019, it is China's biggest state-run conglomerate with one of the largest pools of foreign assets in the world. In 2023, the company was ranked 71st in the Forbes Global 2000.
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