Global business leaders from 43 countries and regions gathered in the vibrant coastal city of Qingdao, eastern China, for the sixth Qingdao Multinationals Summit on Wednesday. With over 570 representatives, the summit showcased China’s growing appeal as a global hub for innovation and collaboration.
This year’s theme, “Multinationals and China: Connecting the World for Win-Win Cooperation,” set the stage for discussions on advanced agriculture, green energy, and cutting-edge artificial intelligence. Remarkably, 131 participants were attending for the first time, including companies from Vietnam, Egypt, and other emerging markets.
“Saudi Arabia has five economic zones actively seeking collaboration with China,” shared Osama Kokandy, executive director of the Saudi-Southeast Asia Business Council. “I’m focusing on artificial intelligence and high-end manufacturing, and I believe there’s huge potential for cooperation.”
Echoing this optimism, Belinda Tanoto, managing director at Royal Golden Eagle (RGE), emphasized China’s importance. “China remains one of the biggest markets around the world,” she said, reaffirming the nation’s strategic role in global business.
Data from China’s Ministry of Commerce revealed that in 2023, the country attracted 826.25 billion yuan ($114.9 billion) in foreign investment, maintaining a historically high level. From January to April this year, 18,832 new foreign-invested enterprises were established nationwide, a 12.1 percent increase compared to last year.
“Over the past 15 years, our orders from China have accounted for 20 to 25 percent of our total global revenue,” noted Pablo Rodríguez-González, general manager at IBARMIA China. “This shows the enormous potential of the Chinese market. Understanding China and deepening ties with Chinese partners is crucial for us.”
Zhou Yunjie, CEO of Haier Group, highlighted the opportunities the summit brought for building efficient and secure global supply chains. “One notable example from our agreements is a joint project between Haier and an Algerian company,” he explained. “We’re offering technologies related to refrigerators and smart industries. Our aim is to build a home appliance industrial park in Algeria to serve the wider African market.”
The summit wasn’t just about business deals; it also served as a key platform for policy communication. In his keynote address, Chinese Vice-Premier He Lifeng emphasized China’s commitment to opening up and welcoming global multinationals and entrepreneurs. “China will remain steadfast in advancing high-standard opening-up,” he stated, inviting businesses worldwide to invest and grow in the country.
With over half the multinational enterprises hailing from emerging markets, the Qingdao Multinationals Summit underscored China’s pivotal role in fostering global economic collaboration and creating opportunities for win-win partnerships.
Reference(s):
Global companies invest in China during Qingdao Multinationals Summit
cgtn.com
