Niu Yugang, chairman of Iraeta Energy Equipment Co Ltd. [Photo provided to chinadaily.com.cn]

The fourth Qingdao Multinationals Summit will take place from Oct 10 to 12 in Qingdao, Shandong province.

Niu Yugang, chairman of Iraeta Energy Equipment Co Ltd, which will be participating in the event, has told China Daily website that the event serves as a platform for Shandong to open up to the world and for China to demonstrate its openness to multinational companies (MNCs).

Niu said that Iraeta has gained a deeper understanding of Shandong's efforts in pursuing the new dual-circulation development paradigm — which takes the domestic market as the mainstay and lets the domestic and international markets reinforce each other.

He also expressed gratitude for the opportunity to showcase his company's image and products on a larger platform, which has helped expand business channels. Iraeta added that he hopes to gain a better understanding of China's major policies, particularly in clean energy and dual carbon, through this summit.

According to Niu, the summit can be described using three words: insightful, timely, and inclusive. He points out that the summit will help interpret China's recent policies and changes while providing a platform for the exchange of different perspectives and ideas.

Niu also expressed his optimism about China's business environment, stating that it is currently the best it has ever been. He cited operational efficiency, approval transparency of government departments, excellent infrastructure, and integrity of the industrial chain as advantages that make China the ideal location for MNCs to invest. He added that Iraeta is optimistic about Shandong's business environment and the future of China's economy.

A joint venture between China and Spain, Iraeta has been operating in China since 2006. Their assets have increased by more than 50 times over the past 17 years, making it the group's most successful investment in the world.

In 2021, Iraeta invested 1.7 billion yuan ($233.07 million) into building an industrial park in Jinan city in Shandong. The project began trial operations in September last year.

Regarding the company's future plans, Niu shared that Iraeta will be rolling out new projects in aerospace, marine engineering, and other fields. He hopes these projects can be implemented in Shandong at the earliest opportunity.