CHANGZHOU, China, Jan. 26, 2015 /PRNewswire/ -- The improvement in the investment environment at China-based Changzhou National Hi-Tech District over the last few years has boosted the confidence of the foreign firms with operations there: Forty-one projects in the district saw an increase in capitalization during 2014, with the accumulative registered foreign investment reaching $US263 million, up by 85% year-on-year.
In 2014, the administration of the district worked on filling the gaps in the industry chain as well as attracting more high-end businesses, targeting investment in sectors such as intelligent equipment manufacturing, new materials, bio-medicine, aviation, automobiles, E-business logistics, etc. Each major project registered in the district serves as a critical economic engine to the district's economic transformation.
US-based Chart Industries, Inc. dipped their toe in the water in 2005, when they registered in the district with a comparatively small investment of $US27 million. After 9 years of feeling out the environment, the company they founded, Chart Cryogenic Engineering Systems (Changzhou) Co., Ltd. Anted up an additional $US350 million for the construction of a large storage tank for liquefied natural gas. Total investment in the project's first stage is $US210 million with a registered capital of $US69 million. Revenue from this additional investment could reach 6 billion yuan (roughly $US1 billion) within 5 years.
Novelis Inc.'s first wholly-owned project in China with a capacity of 120,000 metric tons of premium aluminum rolled products per year was put into operation in October 2014 in the district. Besides providing aluminum products to the rapidly expanding Chinese automobile industry, the plant will supply the Asia-Pacific region, Europe and the U.S. with the output, including to many top automobile makers among them, Audi, BMW, Farrari and Jaguar, with revenues expected to reach $450million. Novelis Inc. senior vice president and Novelis Asia president Shashi Maudgal said that there is a possibility that Novelis Inc. will respond to the evolution in the market, not only in China but globally, by increasing its investment in Changzhou in a move to extend the market chain with the building of a facility to recycle used aluminum.
The Self-dependent Innovation Demonstration Area in Southern Jiangsu Province was approved by the State Council in October 2014, providing the district with another round of strong preferential policies and development opportunities.
SOURCE The Public Promotion Department of Changzhou Xinbei District Commission of CCP