Japanese enterprises welcomed to invest industrial chains in Xi'an

In order to vigorously promote investment, Xi'an, capital city of Northwest China's Shaanxi province, held the 2022 Cooperation and Exchange Meeting between Xi'an and well-known Japanese enterprises on May 27.

This event was sponsored by the Xi'an Municipal People's Government and the Investment Promotion Agency of the Ministry of Commerce, and undertaken by the Xi'an Municipal Bureau of Investment Cooperation and the Foreign Affairs Office of the Xi'an Municipal People's Government.

Xiao Qi, vice mayor of Xi'an government, Li Yong, deputy director of Investment Promotion Agency of the Ministry of Commerce, leaders of relevant departments of the city, representatives of more than 20 Japanese institutions in China and senior executives of Japanese enterprises were invited to attend the conference.

China and Japan have a long history of economic and trade exchanges. "By relying on Japan's technological advantage and China's market advantage, companies of the two countries can make large-scale profits, deepen cooperation in competitive industries and form new growth points for the two economies," Li said at the conference.

It is reported that, at present, 243 Japanese enterprises have invested and been established in Xi'an, and a large number of Japanese enterprises, such as Fujitsu and Mitsubishi Electric, have established production bases and branches in the city. In 2021, the total import and export volume between Xi'an and Japan reached 30.13 billion yuan ($4.5 billion), up 45.04 percent year on year.

In addition, Xi'an Economic and Technological Development Zone has set up a special fund of 2 billion yuan for attracting investments in science and technology innovation and a fund of 10 billion yuan for industrial development – inviting Japanese enterprises to invest.

At present, Xi'an has formed five 100-billion-level industrial clusters covering electronic information, automobile, aerospace, high-end equipment, new materials and new energy. The city will foster a number of leading enterprises around 19 key industrial chains to further promote the industry fundamentals and industrial modernization.

Executives of more than 10 Japanese institutions and Japanese enterprises in China – including SONY (China) Co and China-Japan Digital General Chamber of Commerce – agreed that Xi'an has outstanding gravity advantages in its central city status, industrial agglomeration effect and business and investment environment. They expressed Japanese enterprises will continue to pay attention to Xi'an and seek development opportunities.

In the next step, Xi'an will take the successful holding of the conference as an opportunity to increase investment attraction for the industry chain centering on the city's 19 industrial chains.