EU: Liangjiang New Area's Largest Trading Partner

Sep 09, 2013, 07:08 ET from Chongqing Liangjiang New Area

CHONGQING, China, Sept. 9, 2013 /PRNewswire/ -- AT&S Group, one of the world's strongest-performing printed circuit board manufacturers headquartered in Austria, has planned to augment its investment to a record-breaking 1.5 billion US dollars in Liangjiang New Area of Chongqing for manufacturing a new generation of semiconductor package substrate with the latest high technology.

The investment is reportedly the group's biggest in China for the purpose of grasping the country's inland market by virtue of Chongqing, the bridgehead linking Europe and Asia.

Rapidly growing trade between Liangjiang New Area and Europe is the key factor for AT&S to be positive about the area.

In the first 7 months of 2013, the European Union (EU) became the largest trading partner of Liangjiang New Area, with trade volume between the two sides reaching 4.26 billion US dollars. During that period, the EU contributed to more than 1/4 of Liangjiang New Area's import and export volume, which was 15.82 billion US dollars with a growth of 40.9%. Figures showed that the export value of portable computers in Liangjiang New Area increased by 1.7 times to 3.92 billion US dollars in the January - July period, accounting for 36.2% of the total export, while the area's import value of auto parts posted a 57.7% jump to 530 million US dollars.

As the 3rd state-level new area, Liangjiang New Area connects inland China and European markets thanks to its favorable geographical location near the Yangtze River and the Yuxin'ou (Chongqing-Xinjiang-Europe) international trade channel.

Liangjiang New Area, the first state-level new area in inland China, was pulled closer to Europe by Yuxin'ou International Railway, running from Chongqing to Duisburg, Germany, as of 2010, triggering European response.

In July, Vailog S.r.l., the Italian largest logistics warehousing facilities supplier, invested 80 million US dollars and started construction in Liangjiang New Area.

This is expected to attract many companies engaged in automobile parts and distribution as well as high-end consumer goods, and indicates the beginning of well-known European enterprises entering the area's logistics industry.

Statistics show that at least 10 Fortune 500 companies including Nestle, Volvo, Fiat, Ericsson, Shell, etc., have so far settled in the new area. These Fortune 500 firms have contributed a lot to the economic and trade ties between Chongqing and the European Union.

Increasing foreign trade with European countries is very important for China's strategy of "going west". Meanwhile, the new area is speeding up the construction of the Sino-European Trade Center.

With Yuxin'ou Railway, Guoyuan Port and Jiangbei International Airport, Liangjiang New Area is establishing a logistics center for imported products, supported by Chongqing International Center (CQEXPO), an in-progress exhibition and trade center for European commodities; Fusheng Transfer Hub, a global brands gathering place to take shape; and future construction of Lianglu Cuntan Bonded Port, a bonded warehouse center.

After three to five years, Liangjiang New Area will play a big role in Sino-European economic and trade ties.

SOURCE Chongqing Liangjiang New Area