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Ningbo becomes hot spot for top global companies

chinadaily.com.cn| Updated:  July 5, 2019 L M S

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Glorious man-made light illuminates the night in Ningbo, a prosperous city in Zhejiang province. [Photo/IC] 

Ningbo, a large city in Zhejiang province, is proving to be a hot spot for foreign investment. Analysts said 140 companies have to date been established in the city by 63 Fortune Global Top 500 enterprises, bringing in investment of around $18.74 billion. 

In addition, in the first five months of the current year, Ningbo registered 288 new foreign-funded companies involving investment of $1.54 billion, up 17.4 percent year-on-year, according to statistics.

Six Fortune Global Top 500 enterprises established new companies or increased investment in existing ones during that period. 

Among the enterprises, Charoen Pokphand Group from Thailand enjoys the closest partnership with Ningbo. It first invested in the city in 1991, spending $100 million setting up a grain and oil company, and has now established 17 companies in Ningbo.

Manufacturing is one of the biggest investment areas thanks to the city's vigorous development of advanced and intelligent manufacturing industries. 

Statistics showed that Ningbo attracted $844 million in total foreign investment in the first five months, up 39.6 percent year-on-year and accounting for 63.9 percent of the city's total investment.

Rubber and plastic products, cars and the pharma industry witnessed significant growth in foreign investment, with a 5.4-fold, 5.2-fold and 14.1-fold increase respectively over the previous corresponding year. 

"The rapid development of Ningbo has presented great opportunities to foreign investors and increased their confidence in investing in the city," said an official from the local bureau of commerce. 

Despite a sluggish global economy and the downward pressure faced by Chinese economy, Ningbo still saw larger growth in investment from developed countries. The city attracted $276 million of funds from the European Union in the first five months, a year-on-year increase of 549.3 percent.

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Foreign traders and exhibitors engage in commercial talks at the first China-Central and Eastern European Countries Expo in Ningbo, in Zhejiang province, on June 8. [Photo/IC]

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