Liangjiang New Area Attracts European Investment

Aug 31, 2012, 06:29 ET from Chongqing Liangjiang New Area

CHONGQING, China, Aug. 31, 2012 /PRNewswire-Asia/ -- China and coastal industries globally are rapidly developing their businesses in inland China with Chongqing Liangjiang New Area, one of three national developments, becoming an investment highland for European enterprises. As of now, 13 of the world's top 500 enterprises in the area are from European countries; over 10 multinational firms - ThyssenKrupp of Germany, Pilatus of Switzerland and the Public Bank of France are under great development here.

In September, AT&S of Austria, European's largest printed circuit board manufacturer will build its 7th international factory with US$600 million in Yufu Industrial Park of Liangjiang New Area, becoming Austria's largest one-time investment into China. Four of the world's best logistics enterprises, Vailog of Italy, AMB of America, Goodman of Australia and Yingli Group of China have settled in the area with good prospects of trade with Europe. After French BRED Public Bank became a shareholder of Chongqing Liangjiang Financial Development Co., Ltd., investing in fields like finance, logistics, aviation, automotive and trade in 2011, German ThyssenKrupp's $1.1 billion automotive steel project, Swiss Pilatus' $400 million fixed-wing aircraft project and Swedish IKEA's $144 million home design project, etc., successively settled in Liangjiang New Area.

In turn, Liangjiang New Area expanded cooperation with Europe to develop as an important gateway in inland China. The Cuntan Bonded Port in the area has been put into operation, and the area's laptop output is estimated to top 20 million units in 2012.  

As laptop products to Europe surge, the European Union will remain the biggest foreign trade partner of Chongqing, and Chongqing Liangjiang New Area will play an important role in European-oriented trade.

With the opening of the Yuxinou (Chongqing-Xinjiang-Europe) Railway and cutting logistic costs, European enterprises in Liangjiang New Area have faith in the investments and logistic advantages.

ThyssenKrupp's deputy general manager of automobile steel sheet project said their reasons for settling in Liangjiang New Area include Chongqing's railway transportation network, the Yangtze River waterway and land transportation; and Chongqing's great impact in the region that widely affects central and eastern areas like Wuhan and Shanghai, etc.

Statistics show trade volume between Chongqing and Europe saw a year-on-year growth rate of 120% in the first six months of 2012.

Total export-import volume of Chongqing stood at US$25.04 billion in the first half, up 170% year-on-year; export volume reached US$18.15 billion, increasing 245%.

Liangjiang New Area's export volume, a key contributor to Chongqing's total, saw 510% year-on-year increase to US$6.689 billion, January to June.

The Sino-Euro trade volume is expected to account for 50% of the world's total in the following 10 years.

West China regions, represented by Liangjiang New Area, are speeding up integration into the global market. Liangjiang New Area, with great exposure and industrial transformation, is on its way to become a strategic hinterland for China's stable growth as well as a concentration area of European investment.

SOURCE Chongqing Liangjiang New Area