Relying on the advantages of a complete industrial chain, abundant innovation resources, and a more fair, transparent and convenient business environment, east China’s Jiangsu province is increasingly attractive for foreign investment with its FDI ranking first in the country.
Suzhou High-tech Zone and Mando China Headquarters signed a virtual contract on the additional investment of 170 million yuan by Mando Chassis Company to develop a new energy vehicle production line.
As a Korean-funded company focusing on R&D and production of key components such as braking systems for autonomous vehicles, Mando Chassis Company has maintained stable production and operations during the period of epidemic prevention and control, thereby allowing for continued additional investment.The business is expected to grow by 20% annually through 2026.
Since the beginning of this year, Jiangsu has introduced a series of measures to actively stabilize the expectations of foreign-funded enterprises and effectively respond to the impact of the epidemic.
Wuxi supported foreign-funded enterprises in R&D innovation and talent introduction and promoted the gathering of foreign-funded headquarters by providing settlement incentives of no more than 60 million yuan.
Changzhou and Huaian have allocated funds to help foreign-funded enterprises in the manufacturing industry attract talents, expand production capacity and ease logistics.
Thanks to the high level of opening up and the effective implementation of a series of policies and measures to stabilize foreign investment, Jiangsu has continued to attract high-quality foreign investment. From January to March, Jiangsu added 96 major projects of more than US$30 million, a year-on-year increase of 21.5%.
The structure of foreign investment has also continued to be optimized. The actual use of foreign capital in the manufacturing industry increased by 79.7% year-on-year, accounting for 35.9% of the provincial total and 29.7% of the national total.
According to statistics from the Ministry of Commerce, Jiangsu reported foreign direct investment of US$12.87 billion in the first quarter, a year-on-year increase of 46.6%.
