East China’s Jiangsu province has continuously innovated new ways and measures to attract foreign investment and expand opening-up since the beginning of this year by introducing and implementing a series of policies to stabilize and optimize foreign investment, attracting a large number of high-quality foreign investment projects, and working hard to create an investment destination with global influence and competitiveness.
The Changzhou-based Ruhr Pump (China) Co., Ltd. has officially been put into operation the second phase project. The project is expected to produce 200 sets of centrifugal pumps annually. As the most important production base for this German company, Ruhr Pump (China) Co., Ltd. will introduce 11 new processing equipment of various types and build new production lines within two years to undertake more global business.
“We are very satisfied with the stable industrial and supply chain in Changzhou. Our expectation is to increase the output value of the Changzhou company to 100 million US dollars in the next few years”, Fernando Andreas, CEO of Ruhr Pump Group, said.
This year, in the face of a generally sluggish global cross-border investment environment, various departments across Jiangsu have taken the initiative to launch investment promotion activities, with over 80 trade promotion teams going to Europe, America, Japan, South Korea, and Singapore to hold nearly 200 investment promotion activities.
Jiangsu has successively introduced policies to continuously enhance its attractiveness and driving force for high-quality global resources. Since the beginning of this year, Jiangning District of Nanjing has signed contracts with the Asia Pacific headquarters of Siemens Digital Industry Group's motion control business and Tieto's East China R&D center.
Many local foreign-funded enterprises have also initiated the application process for regional headquarters of multinational corporations, accelerating the process of "factory-turned headquarters".
“China is the world's largest automotive market. In the past five years, with the support of the local government, Brebo's business in China has grown rapidly. We have recorded a doubling of revenue and are firmly optimistic about the Chinese market. We have established a R&D center in Nanjing and are now actively applying to establish a headquarters in China”, Bogdan Berenda, Chairman and CEO of Brebo China, said.
Jiangsu has a wide range of manufacturing industries, and the strong synergy between the upstream and downstream of the industrial chain has become an important factor for foreign enterprises to choose Jiangsu as their prime investment destination.
The province has deepened industrial cooperation with multinational companies in key countries and regions by holding the "International Industrial Cooperation and Exchange Conference on Industrial Chain Supply Chain and the Taihu Lake Entrepreneurs Forum". As a result, 45 foreign-funded industrial projects with a single investment of more than 100 million dollars have chosen to settle in Jiangsu.
In Suzhou, Radici Plastics Co., Ltd. recently launched the largest factory in terms of space and production capacity among its 8 factories around the world. Choosing Suzhou as the investment location is precisely because it can "stabilize cooperation" with the upstream and downstream of the industrial chain, thereby eliminating various uncertainties and achieving a win-win situation.
“Many of the raw materials we produce are sourced from Jiangsu, and over 50% of our customers are concentrated in the Jiangsu and Shanghai regions. Moreover, the investment environment in Jiangsu is very good, so we will continue to invest in Jiangsu in the future”, Alberto Cessoro, General Manager of Radici Plastics (Suzhou) Co., Ltd., said.
From January to June this year, Jiangsu recorded around 18.6 billion US dollars in foreign direct investment and 8 projects were selected as iconic foreign investment projects in the national manufacturing industry. Both figures rank first in the country.
“In the new era, Jiangsu's approach to utilizing foreign investment has undergone a fundamental transformation by emphasizing the combination of attracting investment and technology and talent. Through appropriate institutional design and policy guidance, Jiangsu has guided foreign investment to participate more in the domestic economic cycle, promoted the integration and development of foreign and domestic enterprises, and helped to build a modern industrial system. We must implement a series of policies and measures to promote high-quality utilization of foreign investment, including further expanding market access, standardizing international economic and trade rules, accelerating efficient implementation of RCEP, further promoting institutional openness, and promoting stable and high-quality utilization of foreign investment”, Zhang Erzhen, Professor at the Yangtze River Delta Research Center of Nanjing University, said.
