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Suzhou's utilization of foreign investment grows

Suzhou Bureau of Commerce | Updated:2023-06-14 9:20

An ElringKlinger factory operates in Suzhou, Jiangsu province. [Photo/Suzhou Broadcasting System]

Suzhou, known as an open and vibrant city, has emerged as the most concentrated destination for foreign investment in Jiangsu province, local media reported on June 13.

From January to April, Suzhou's actual utilization of foreign investment reached $5.04 billion, a growth of 7 percent. This accounted for 33.1 percent of total foreign investment in the province and 6.9 percent of the national total.

As of the end of April, Suzhou was home to approximately 18,000 operational foreign-funded enterprises, with cumulative actual utilization of foreign investment exceeding $157 billion, placing it at the forefront of large and medium-sized cities nationwide.

Chen Hu, general manager of ElringKlinger Automotive Components (China) Co, says the company will increase its investment in Suzhou. [Photo/Suzhou Broadcasting System]

Chen Hu, general manager of ElringKlinger Automotive Components (China) Co, said that Suzhou is the most suitable location for its operations, and the company plans to continually increase its investment in Suzhou in hope of a flourishing future for the Chinese market.

ElringKlinger Automotive Components primarily produces insulation components, plastic shell modules, and other automotive parts. Since its establishment in 2016, the company has provided services to leading manufacturers such as BMW, Mercedes-Benz, and Ford, with sales revenue reaching 727 million yuan ($101.66 million) in 2022.

Lin Tianshu, director of the Foreign Investment Enterprise Service Department at the Suzhou Bureau of Commerce, highlighted the role of support policies, including the recognition of research and development centers' tax-exemption qualifications. Currently, there are 28 research and development centers recognized as eligible to benefit from import policies.

Lin emphasized the city's commitment to strengthening coordination between relevant departments, improving problem-solving mechanisms, assisting companies in securing more international orders, and attracting more foreign investment projects.