On October 15, Chery and UAAGI signed a cooperation agreement. In the day, Chery's Philippine partners, as well as Philippine media and bank officials visited Chery, to experience thetremendous manufacturing strength and outstanding product quality of Chery at close range. The start of the strategic cooperation marked Chery's official entry into the Philippine market.
As a renowned automobile manufacturer and distributor in the Philippines, UAAGI has rich experience in marketing and after-sales service, as well as deep insight into consumer concerns. With strong sales and after-sales service networks, it enjoys a good reputation in the Philippines. By working with UAAGI, Chery will not only further expand its overseas sales network, but also accomplish localized operations based on UAAGI's experience in marketing and after-sales service, to provide better products and services to Philippine consumers.
As an important ASEAN market with a population of over 100 million, the Philippines has developed rapidly with its GDP average growing by over 6.5 percent annually. The Philippines' annual automobile demand is nearly 400,000 units, combined with a sound automotive matching system and labor cost advantage, operating in the Philippines market will lay the groundwork for Chery to develop the rest of ASEAN.
While developing in Southeast Asia, Chery has seized the new opportunity from the "Belt and Road" initiative to constantly speed up globalization in recent years. So far Chery has exported products to over 80 countries, established 10 plants and over 1,300 sales service networks worldwide, registered a cumulative export volume of 1.5 million units, and been the largest Chinese passenger vehicle exporter for 16 consecutive years.
Over the years, Chery has upheld the concept of "openness, equality, cooperation and win-win" during going global, and paid special attention to sharing its advanced production capacity and R&D capacity worldwide. 65 percent of Chery's exported vehicles were localized. Chery is gradually accomplishing localized R&D, purchase, manufacturing and testing by establishing the European R&D Center, the Middle East Research Institute, the Brazil R&D Center and other global research platforms. Besides, Chery has achieved brilliant results in international talent training, adaptive product development and local plant construction, realizing the goal of win-win, co-building and sharing.
Also, Chery has supported local sports, educational and cultural development in overseas markets, taken an active part in disaster relief and other charity programs, integrated itself into local culture and assumed social responsibility to constantly enhance its international influence and brand reputation. In the selections of "Top 20 Chinese Enterprises with the Best Overseas Image", organized by the State Council Information Office and other departments in 2015, 2016 and 2018, Chery made the list three times, ranking first among equipment manufacturers.
Remarkably, Philippine media's visit to Chery is the first event of @CHERY Global Media Tour. Next in late October, Middle East media will visit Chery. Global media's visits to Chery and Chery-UAAGI strategic cooperation will further expand Chery's international influence and speed up its global development.