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299 OF THE FORTUNE 500 COMPANIES ARE NOW LOCATED IN SICHUAN
On the 31st January 2016, the Sichuan Provincial People’s Government published an article stating that “299 of the Fortune 500 companies are now located in Sichuan, of which 219 are foreign owned”, we summarise the main points and provide added commentary.
“In 2015 a further sixteen Fortune 500 companies settled in Sichuan five from the United States, two from Britain, one each from Australia and France. EMC America incorporated a local company and made certain direct investments. The remainder set up branch and or representative offices.”
“Finland's Nokia upgraded their Sichuan branch operation to a direct investment, and created the Nokia Networks (Chengdu) Co., Ltd. in the Chengdu Tianfu New Area. Furthermore of the 219 foreign owned enterprises, 191 of them have either direct investments and or branch operations within Sichuan.”
“The 299 Fortune 500 companies that have settled in Sichuan demonstrates it as a premier investment destination. Within Sichuan this year , the 2016 G20 Finance and Central Bank Governors meeting and the 22nd World Route Development Forum will be held and it further demonstrates Sichuan’s ability to hold world class leading events. Sichuan will also promote the construction of the “Zhonghe” consulate district and will develop better friendly relations with fellow countries”, article end.
The second link below states, ”268 of the 299 Fortune 500 companies are based in Chengdu. The manufacturing and service industries have the pre-eminent position in attracting investment. The diagram also highlights that of the 86 of the Fortune 500 companies they have established 188 investment vehicles covering industries such as manufacturing (100), service (69), infrastructure (17) mining (2) and undertaken a total of investment of USD$14.58 Billion.”
“Companies such as Cisco, Citibank, Dell, Foxconn HSBS, Hyundai, Intel, Toyota to name a few, have undertaken significant investment within the areas of automotive and advanced manufacturing, finance, and technology.”
Mr. Kaihua Xie, the Director of the Sichuan Provincial Department of Commerce states, “In 2016 Sichuan will further promote foreign direct investment , ensure favourable investment policies, create a ‘one stop customs services’, accelerate the construction of international hospitals, schools and other facilities to create a more comfortable environment for investors.”
Investinginchengdu.com acknowledges the important role Fortune 500 companies create within an economy. They provide much needed capital and technology and greatly help with ongoing research and development. It is these research and development capabilities that become imitable, and allows companies and its workforce to create ground breaking technologies.
Sichuan by taking a premier lead in attracting foreign investment will ride this economic wave , but more importantly the benefits that research and development provides the local economy.
As they say, make the trip over, walk through the 130 square kilometres Hi Tech Zone the New Tianfu Area and see for yourself the economic and technological miracle in action. Indeed one’s transition will take time, but those knowledgeable and talented professionals and start-ups that take the initial steps will gain immense “first move advantage”.
Disclaimer : The article has been summarised from the mentioned hyperlinks with added commentary provided by investinchengdu.com