CULTURE Guangdong witnesses FDI surge in high-tech sector

CULTURE

Guangdong witnesses FDI surge in high-tech sector

chinadaily.com.cn

14:17, December 05, 2019

German chemical giant BASF launches the construction of its $10 billion smart Verbund project in Zhenjiang, Guangdong province, after a grand ceremony on November 23. (Photo: chinadaily.com.cn)

Guangdong province has seen marked increase in foreign direct investment in the high-technology industry this year, with actually utilized FDI in the pharmaceutical manufacturing and high-tech service sectors surging 63 percent and 59.1 percent, respectively, in the first 10 months.

The province booked 130.25 billion yuan ($18.48 billion) in actually utilized FDI in all categories in the first 10 months of this year, up 2.41 percent year-on-year, according to Nanfang Daily, citing the provincial commerce department. In total, 42 projects involved actually utilized FDI of over $100 million each.

Among major latest foreign-invested projects in Guangdong, the $10 billion smart Verbund petrochemical project in Zhanjiang funded by German chemical giant BASF started its construction last month. It is the first large petrochemical project solely owned by a foreign investor in China.

Also last month, GE Renewable Energy commenced the contraction of its first wind power factory in Asia in Jieyang.

Construction is expected to start in April next year on the $10 billion petrochemical project by US oil and gas major Exxon Mobil Corp in Huizhou.

German pharmaceutical giant Merck launched its Guangdong innovation hub in Guangzhou last month.

Pharmaceutical big name AstraZeneca announced last month it would establish its South China headquarters in Guangzhou.

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