A cloud contract signing event was held in Jiangsu province on May 16.
During the event, Suzhou inked 13 foreign-invested projects, accounting for 25% of the province’s total. The projects drew a combined investment of 2.73 billion U.S. dollars, representing around 20% of the province’s total. 39 multinational companies with provincial-level regional headquarters and functional agencies in Suzhou received plaques online. In addition, SIP became the first and only provincial-level foreign company headquarters economic cluster in Jiangsu.
What’s the reason behind increasing foreign investment in Suzhou, a city that have seen COVID-19 resurgences in the past few months?
In the first quarter, total import and export value of Suzhou hit 637.78 billion yuan, up 14.1% year on year. Of the total, exports rose 14.2% year on year to 374.51 billion yuan, while imports gained 14.1% to 263.27 billion yuan. The city’s actual use of foreign direct investment (FDI) expanded 50.6% year on year to 3.49 billion U.S. dollars, and the service industry saw FDI inflows jump by 88.2% from a year earlier.
As of now, 197 multinational companies have set up city-level regional headquarters in Suzhou, and 171 have established provincial-level regional headquarters and functional agencies in the city, which accounts for 51.7% of the total number of the province.
With openness, Suzhou attaches great importance to the development of foreign companies and has won their favor and trust.
Going forward, Suzhou will aim for the well-known foreign company headquarters economic cluster in the Yangtze River Delta region and even in the country, and continue to make full use of foreign capital and promote open economy.