Suzhou’s use of foreign investment in January hits record high

 

Suzhou City made a remarkable progress in attracting foreign investment in January despite rising uncertainties and challenges at home and abroad, especially the Novel Coronavirus Pneumonia (NCP) outbreak.

The city received paid-in foreign investment of 1.839 billion yuan in January, a year on year growth of 185.3 percent, also the largest amount in a single month.

 

The progress was made amid the city’s 30 measures rolled out on January 3 to further opening up, including 68.8 square kilometers of industrial plots available to global investors and efforts to improve the business environment.

Fang Wenbang, director of the Suzhou Bureau of Commerce, said the city’s actual use of foreign investment in January showed an improved industrial structure dominated by new-generation information technology industry, new energy automobile industry, and biotechnology and new pharmaceutical industry. The other two highlights were that the major source of foreign investment remained stable and spillover effects from large projects also increased. The city had 18 projects each with a paid-in foreign investment of at least $30 million.

 

Luo Heng, Chief Operating Officer of Innoscience (Suzhou) Technology, said the company is very optimistic about Suzhou’s development. After the NCP outbreak, the city’s authorities contacted the company at the first time and maintained contact to offer support. Such efforts showed a great business environment in the city and also improved investor’s confidence, said Luo.