Foreign Investors Expand Investment in Anhui
- April 13, 2017
- Posted by: Yolandy
- Category: Business
The third phase of Continental’s factory in Hefei started operation on March 28. Upon the completion of the latest third phase, the Hefei plant would have seen a combined investment of 570 million euros. While its annual production capacity will be increased to 14 million tires in two years from the current 8 million.
“Chinese market is the driving force of Continental in the coming years. The expansion of Hefei’s plant further reveals our promise and confidence in Chinese market.” said Nikolai Setzer, the director of Tire Department of Continental.
In recent years, Anhui has been putting it on the top agenda to attract World Top 500 or well-known multinational enterprises and leading enterprises. Since this year, PPG, a global supplier of paints, coatings, optical products, specialty materials, and fiber glass, and China Resources Group has established many projects in Anhui. The latest statistics showed that the number of Anhui’s firms established by 74 outbound World Top 500 Enterprises reached 132 as of the end of February.
The increase of Continental’s investment is an epitome of Anhui’s utilization of foreign investment. In 2016, the newly-increased investment of 101 foreign firms in Anhui reached 1.7 billion USD, an increase of 9.6 percent year on year.
In Jan.-Feb., Anhui utilized 2.51 billion USD of FDI, up 7 percent year on year; 640 million USD was in place for strategic emerging industry, an increase of 35.3 percent year on year, accounting for 25.5 percent of provincial total.