By Lu Haoting (China Daily)
Updated: 2008-01-26 09:51

China will deliver two MA60 regional planes to Bolivia in February, the first Chinese aircraft to enter South America, China National Aero-Technology Import & Export Corp (CATIC) said on Friday.

The 50-seat turboprops are produced by China Aviation Industry Corp I (AVIC I).

CATIC, in which AVIC I and AVIC II each hold 50 percent stakes, handles over 80 percent of the country's aviation imports and exports.

"We will continue to make great efforts to explore international markets for Chinese commercial airplanes," Huang Bin, CATIC's senior vice-president, said.

The MA60 has received 116 orders, of which 86 are from overseas. The planes have been delivered to Zimbabwe, Laos, Zambia and the Republic of Congo.

CATIC plans to improve after-sales service of China-made commercial planes and set up spare part centers abroad, Huang said.

The company has 56 overseas representative offices in 31 countries and regions.

CATIC on Friday posted a record profit of 1 billion yuan in 2007, up 30 percent over the previous year. Its aviation exports also hit a record high at $500 million. It achieved total sales of 23.5 billion yuan last year, up 24 percent year-on-year.

Huang said CATIC would continue to work on its plans to introduce strategic investors and to list as a whole. But he declined to give a timetable for the plans.

CATIC President Fu Shula previously told China Daily that it would seek strategic investment from domestic companies with strong financial backgrounds and resources.

But Huang said the plan could be delayed due to the restructuring of its parents, AVIC I and AVIC II.

The State Commission of Science, Technology and Industry for National Defense is working on a plan to restructure and consolidate the businesses of the country's two leading aviation manufacturers. Details of the plan are expected to be announced in March. China's ambition to develop its own large commercial airplane is the main driver behind the restructuring.

CATIC has more than 10 regional subsidiaries around China. It owns three Hong Kong-listed companies and three mainland-listed firms.