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Suzhou sees fruitful results in trade with ASEAN

Suzhou Bureau of Commerce | Updated:2022-07-22 16:49

The Association of Southeast Asian Nations is an important source of foreign capital and business partner of Suzhou, East China's Jiangsu province, according local media outlets.

As of 2021, ASEAN is the fourth largest source of foreign investment in Suzhou. ASEAN countries have established 2,766 enterprises in Suzhou, with actual use of investment amounting to $13.91 billion, accounting for 43.2 percent of the province's total.

ASEAN's investment in Suzhou mainly focuses on electronic communication, machinery and equipment manufacturing, textiles and garments, the chemical industry, the paper industry, logistics, real estate, accommodation and catering, and commerce and trade.

According to the 2021 National Annual Report of Foreign-Funded Enterprises, ASEAN-invested enterprises in Suzhou achieved annual revenue of 333.13 billion yuan ($49.55 billion) in 2020, paying about 11.05 billion yuan in taxes, accounting for 8.97 percent of the total taxes paid by the city's foreign-invested enterprises.

In 2021, ASEAN became Suzhou's third largest trade partner. Foreign trade between the two sides increased by 24.6 percent year-on-year to $54.7 billion, accounting for 13.9 percent of the city's total imports and exports and 47.7 percent of the province's total foreign trade with ASEAN. Specifically, exports rose 25.4 percent year-on-year to $28.8 billion. Imports increased by 23.7 percent to $25.9 billion.

ASEAN is also an important destination for Suzhou enterprises investing abroad. By 2021, Suzhou-based enterprises had invested in 399 projects in ASEAN, with total Chinese contracted investment value at $4.76 billion, accounting for 29.15 percent and 29.72 percent of the province's total investment in ASEAN, respectively.