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More Investors from Anhui "Going Global"

Pub Date: 14-08-04 10:31 Source: www.cnanhui.org

41 Anhui-based companies got the approval to invest overseas in the first half of 2014(H1), up from 17 a year ago, according to the Department of Commerce of Anhui Province.

33 privately-run businesses joined in the spree, accounting for more than 80 percent of the total. As of June 30, roughly 400 non-government enterprises expanded their reaches beyond China.

European countries and the United States were the most popular destinations for investors from the province, altogether attracting about half of the total. Lured by the ongoing economic recovery in America, 18 Anhui-based companies, or 43.9 percent, went to the country to seek fortune. For example, Magang Group, one of the country's largest steel manufacturers based in Ma'anshan of the province, acquired France's SAS Valdunes for 40 million euros ($53.70 million). The move is believed to have broken up foreign monopolies on high-speed train wheels and related core technologies.

However, the province was short of momentum projects in its "going global" initiative. The biggest program Anhui-based investors launched abroad between January and June was worth no more than $98 million, an official with the department said.

"Anhui will step up efforts to carry on with its key overseas investment projects," he said, adding that the local government will continue to help major investors like Chery, JAC and Conch to establish industrial parks, business cooperation zones in Brazil, Ecuador, Indonesia, Kenya, Congo and Mozambique.

 

(By Zheng Weiling)

Editor: Rita

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