Shandong continues to draw FDI from MNCs

(| Updated : 2024-04-01

Print Print

A high-end equipment cooperation session recently took place in Beijing as part of cooperation talks between Shandong and multinational corporations (MNCs).

This event oversaw the signing of contracts for three significant high-end equipment projects, totaling a remarkable $320 million in investment, including foreign capital contracts valued at $25 million.

Executives from various multinational high-end equipment companies gathered at the venue, highlighting the economic and cultural value of "Friendly Shandong".

Sun Chao, senior vice president of Bekaert Group, expressed admiration for Shandong, where Bekaert has had a strong presence since the 1990s. The company has invested more than 1.4 billion euros ($1.52 billion) in China.

Chen Xi, CEO of Claas (Shandong) Co Ltd, shared insights into his company's successful 10 years in Shandong. As a leading European agricultural machinery manufacturer, Claas has deep roots in the province, with investment reaching nearly 500 million yuan ($69.18 million) annually at their Weifang production base.

Shandong, a key player in the equipment manufacturing sector, has become home to over 10,000 large-scale equipment manufacturing enterprises by 2023. The province achieved an operating income of 2.76 trillion yuan, with high-end equipment contributing close to 50 percent of the industrial sector.

In recent years, Shandong has attracted numerous multinational giants, including Volvo, Komatsu and Panasonic. The province has hosted events like the Qingdao Multinationals Summit, created platforms for cooperation, and implemented policies to attract foreign investment, allowing multinational corporations to thrive in the region.


Shandong holds a high-end equipment cooperation session with multinational corporations in Beijing. [Photo/Haibao News]