Yantai to encourage more enterprises to 'go global'

The Yantai municipal government signs an agreement on strategic cooperation with the China International Contractors Association on Dec 14 at the Fifth Shandong-SOEs Business Matching Event held in Yantai. [Photo/jiaodong.net]

The Yantai municipal government signed an agreement on strategic cooperation with the China International Contractors Association on Dec 14 at the Fifth Shandong State-owned Enterprises (SOEs) Business Matching Event, held in Yantai, Shandong province.

The association is a national organization formed by Chinese international project investors, contractors, labor service companies and related service provider.

The move will help local enterprises in Yantai to make better use of the resources on the domestic and international markets and boost its profile as a strategic pivot city in the implementation of the Belt and Road Initiative.

The event gathered 118 leading enterprises in Shandong province and 32 SOEs, engaged in sectors such as overseas investment, contracting project, construction materials, equipment manufacturing, labor and overseas industrial parks.

It saw the signing of five cooperation projects including a joint business development plan in Sri Lanka inked between Yanjian Group and Poly International Holdings Co.

To promote the cooperation between enterprises and financial institutions to promote the "going global" strategy, a cooperation association between enterprises and banks in Shandong was set up at the event, attracting 36 members.

In recent years, Yantai has been strengthening cooperation with SOEs, which are deemed as a strong pillar of the economy and trailblazer in implementing national strategies.

This year, Yantai has seen the signing of 29 projects worth 176 billion yuan with SOEs, fueling the city's efforts to step up economic upgrade and transform, optimize industrial structures, and replace the old growth drivers with new ones.

Zhang Xingcheng, an official from the Shandong provincial department of commerce, delivers a speech at the Fifth Shandong State-owned Enterprises Business Matching Event held in Yantai on from Dec 13 to 14. [Photo/sdcom.gov.cn]