Henan courts global investors to propel economic growth

BEIJING, Sept. 26, 2024 /PRNewswire/ -- A news report from chinadaily.com.cn:

Henan province, a heritage-rich region in Central China, is fast becoming a global business hub.

On Sept 25, the province hosted the 2024 Cooperation and Exchange Conference between Henan Province and Multinational Corporations, which attracted 193 multinational companies.

According to Song Yuzhe, deputy director of the Department of Commerce of Henan Province, the conference saw agreements reached on 46 investment and trade cooperation projects worth 33.58 billion yuan ($4.78 billion) and the signing of framework agreements for nine projects.

These projects involve new materials, new energy, equipment manufacturing, electronic information, modern food, and cultural tourism. "The signing of these projects will inject new momentum and vitality into Henan's high-quality development," Song said.

More than 400 guests are attending the conference, including foreign envoys in China, representatives of international organizations, top executives of multinationals in China, and representatives from noted investment promotions organizations and chambers of commerce.

Among them was Tao Lin, Tesla's vice-president. She emphasized that Tesla's success in China was fundamentally tied to the success of the entire industry.

According to Tao, Henan province boasts a sizable population and strong consumer base. Tesla aims to continue providing excellent services, ensuring that its products are widely adopted and receive extensive feedback in Henan, she added.

Statistics from the company show that Tesla entered Henan's capital city of Zhengzhou in 2018 and has since invested in 11 stores in the province.

Mu Yankui, president of Yihai Kerry Arawana Group, highlighted Henan's unique resources and market environment for grain and oil food processing enterprises as a populous region and a major grain-producing area.

He also commended the local government for its swift response to corporate issues and affirmed the group's dedication to increasing investment in Henan.

Yihai Kerry Arawana is an important agricultural and food product processing enterprise in China.

Song added that the conference is an important economic and trade cooperation exchange event and a significant measure for Henan to deepen the implementation of its institutional opening-up strategy.

In 2023, Henan established 465 new foreign-invested enterprises, a 41 percent year-on-year increase. The province now hosts approximately 3,000 foreign-invested enterprises, providing direct employment for 350,000 people. The province's 2023 GDP increased 4.1 percent year-on-year to 5.91 trillion yuan.