Weihai Lingang district: An investment magnet

(chinadaily.com.cn)| Updated : 2022-08-29

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The Weihai International Port Economic and Technological Development District (Lingang district) is rising as a top business destination for foreign companies, local media reported.

In the first half of this year, the actual use of foreign capital in Lingang reached $119 million, with a target completion rate of 72.2 percent. The import and export volume stood at 5.33 billion yuan ($771.78 million), up 28.6 percent year-on-year.

Since the beginning of this year, the district has organized special working teams to carry out nearly 30 business promotion activities in Beijing, Qingdao and other cities. It has 26 high-quality projects with a total investment of 3.8 billion yuan, including 24 domestic projects and two foreign-invested projects. At present, 20 projects have started construction, and the remaining six are scheduled to be started before the end of October.

The district has been ramping up efforts to promote higher-level opening-up and build opening-up platforms. It has strengthened the construction of the Sino-European and Sino-Japanese Industrial Parks, which are to serve as signboards, to attract foreign investment.

In the first half of the year, Lingang district made every effort to cultivate new growth drivers of foreign trade, attracting eight cross-border e-commerce entities, and increasing the import and export volume of cross-border e-commerce to 1 billion yuan.

Lingang gathered 22 projects from 17 businesses to apply for district-level foreign trade funding in the first half of the year, making full use of its policy benefits.

Additionally, the district organized nine businesses to take part in the second South Korea (Shandong) Import Commodity Expo to learn more about the global market. More than 90 individuals attended the RCEP training sessions thanks to the district's efforts.