Foreign firms upbeat about investing in GD

Foreign firms expressed confidence in investing in Guangdong Province during the 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which concluded in Guangzhou on Saturday. A total of 1,933 investment, cooperation, and trade projects valued at more than 2.26 trillion yuan (US$314.8 billion) were signed during the two-day conference.

Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee, said the GBA has huge potential since its various local governments aspire to build a world-class bay area.

He noted that the GBA has a huge market potential, complete industrial chains, many scientific and technological innovation centers, and numerous technology experts to support its sustainable development.

Huang stated that Guangdong will steadfastly promote reform and opening up, as well as focus on creating a market-oriented, rule-based, internationalized first-class business environment, to provide overseas investors with the greatest convenience and best services.

CK Lee, President of Carlsberg China, said the GBA has efficient governments, a strong industrial foundation, and huge market potential. "It took Carlsberg's Foshan project, which cost 3 billion yuan, 18 months to build from scratch," said Lee.

Guangdong is home to BASF's largest single investment project, the BASF Integrated Site in Guangdong. Markus Kameith, chairman of the board of executive directors of BASF SE, expressed the company's confidence in China's chemical industry growth and Guangdong's role as the economic engine and powerhouse of this expanding market.

Talent development is crucial for BASF's growth, and through an effective trainee program, the company seeks to foster close collaborations with universities to jointly cultivate the next generation of scientists and engineers, Kameith said.

Klaus Zenkel, from the European Union Chamber of Commerce in China, explained the GBA’s strategic position as a convergence of various essential elements that provide substantial support for business development, with a strong focus on innovation.

With startups and successful firms in artificial intelligence, big data, robotics, new energy vehicles, and the low-altitude economy, the GBA has immense appeal for foreign investors, Zenkel said. Efficient supply chains help innovative ideas quickly materialize in the area, which attracts numerous foreign companies to set up businesses.

Robert Reid-Kay, member of the executive committee of the British Chamber of Commerce in Guangdong and co-founder of Gaia Global Sourcing, said the advantages of operating in the GBA include adaptable resources, an advanced logistics infrastructure, and substantial government subsidies and favorable policies that cut operating costs for businesses.

The GBA's attractive investment environment, efficient supply chain systems, and extensive market size make it an appealing gateway for foreign investments entering China and offer a significant boost to businesses operating within the region.