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Suzhou utilizes $796m in foreign investment in Jan

Suzhou Bureau of Commerce | Updated:2023-02-23 15:12

Suzhou, Jiangsu province. [Photo/Suzhou Daily]

Suzhou's actual utilization of foreign investment increased by 28.7 percent year-on-year in January to $796 million, accounting to 16.5 percent of total foreign investment in Jiangsu province.

In January, the service industry in Suzhou outperformed other sectors in foreign investment utilization, achieving a total of $454 million, an increase of 8.4 percent yearly and accounting for 57.1 percent of the total. The manufacturing industry saw $340 million in foreign investment utilization, surging 134.7 percent yearly. The high-tech industry also saw an increase of 171.3 percent yearly in foreign investment utilization to $406 million.

Lin Tianshu, director of the foreign enterprise division of the Suzhou bureau of commerce, said that rapid growth has made high-tech service industries such as scientific research and technology services in recent years the largest category of foreign investment utilization in the service industry, reflecting the structural optimization of foreign investment utilization in Suzhou.

Hong Kong's investment in Suzhou accounted for more than half of all foreign investment, totaling $442 million, an increase of 11.7 percent year-on-year and accounting for 55.5 percent of the total. The British Virgin Islands invested $156 million in Suzhou during this period, an increase of 157,2.7 percent yearly and accounting for 19.6 percent of the total. Countries involved in the Belt and Road Initiative invested a total of $667 million in Suzhou, accounting for 8.4 percent of the total.

In 2022, Suzhou carried out various activities to promote foreign investment. Business promotions in Japan and Europe led to $7.81 billion in intended investment.

A business flight chartered by Suzhou departs from Sunan Shuofang International Airport on Nov 17, 2022. [Photo/jstv.com]