Jiangsu's foreign direct investment continues to rank first in the country, providing a solid guarantee for keeping the economy operating within a reasonable range, latest statistics show.
The high-end equipment manufacturing project jointly invested by Japanese heavy industry leader IHI and American Sullair Company settled in Suzhou Xiangcheng Cooperation Zone.
The 90-million-dollar project will build a production base for industrial centrifugal compression systems and equipment with an estimated annual sales of more than 700 million yuan.
According to Hiroshi Nakamura, President of IHI Sullair Compression Technology (Suzhou) Co., Ltd, after the new plant is put into production, they will put into production larger air compressors, as well as more efficient and cleaner energy air compressors, which is also what the society needs at present, making contributions to carbon neutrality in the world.
Since its settlement in Suzhou Industrial Park in 2004, this transnational joint venture has successively put into production four projects by continuously increasing its capital and capacity.
The implementation of new projects will help the local government to further improve the industrial chain and build related high-end advanced manufacturing industry clusters.
In recent years, Jiangsu has continued to create a world-class business environment characterized by marketization, rule of law and internationalization, constantly improved the foreign investment incentive policy system, and promoted high-level opening up so that investment projects have gradually expanded from production projects to headquarters economic projects such as R&D sales.
Kevor, one of the leading apparel suppliers in the United States, is building its R&D and sales headquarters with a total investment of US $159 million, which is under construction in Jiangyin High tech Zone, Wuxi.
The high-end clothing R&D center, design, procurement and sales center can achieve an annual sales of 1.36 billion yuan.
Gu Xuefeng, Project Leader of Kevo R&D and sales headquarters, said that the Investment Promotion Bureau of the High tech Zone actively coordinated the land and other related procedures. At the initial stage of the construction, with the advance service of the Administrative Examination and Approval Bureau of the High tech Zone, the project planning approval procedures were completed in a very short time by participating in the online application for remote guidance and parallel approval in advance.
Cao Ming, Deputy Director of Jiangyin Municipal Bureau of Commerce, said that the government carried out the project service specialist system to provide enterprises with full life cycle services. In addition, they have established an enterprise library for reinvestment of enterprise profits this year, and arranged specialists to explain preferential policies to enhance our enterprise's investment confidence.
Statistics show that from January to October, the province’s foreign direct investment reached 28.34 billion US dollars, an increase of 21.1%, ranking first in the country.
Jiangsu will make overall arrangements for overseas investment promotion groups, encourage all regions to focus on Japan, South Korea, Germany and France, make greater efforts to attract foreign investment, and accelerate the implementation of 15 national policies and measures to encourage foreign investment in manufacturing industry.
