More and more Wuxi enterprises with capital and technological advantages have been expanding their global footprint by building overseas production hubs, according to the local government.
From January to May this year, 46 foreign investment projects were filed in Wuxi, a year-on-year increase of 27.8 percent. Among them, eight projects had investments exceeding $10 million.
Wuxi Fangcheng Color Printing Packaging Co established a wholly-owned subsidiary in Singapore in 2021. The subsidiary is responsible for the construction of a pure water production and bottling plant in Southeast Asia.
The company will carry out its first project in Thailand and spend about $44 million building a pure water production base.
With a total investment of $340 million, the Mexican auto parts plant built by Jiangnan Mould and Plastic Technology Co has signed eight deals with famous carmakers such as BMW, Tesla, and Volkswagen. It has also become the sole supplier of BMW in Mexico.
The company increased its investment in the Mexican plant by $60 million at the beginning of this year to support the production of Tesla's Model X, Volkswagen's Jetta and BMW's G42 projects.
Last year, Jiangsu Yoke Technology Co invested $200 million in the acquisition of South Korea's UP Chemical. In the first quarter of 2021, the operating income and net profit of UP Chemical increased by 26 percent and 10 percent year-on-year respectively due to the expansion of business scope and customer base.
Officials from the local commerce bureau said that more international business promotion efforts will be made to support local enterprises to expand their presence in overseas markets.
