Wuxi was the number one city in East China's Jiangsu province in terms of investment in foreign projects and companies in the first half of this year, with a yearly increase of 122 percent to nearly $830 million.
Most of this investment came from private enterprises, including electric power company Envision Energy and tire machinery manufacturer Jiangsu Roadbot Co.
Envision Energy made an additional investment of $250 million in its Nissan lithium battery project in Japan in H1. Jiangsu Roadbot Co's tire project, which is being carried out at the Khalifa Industrial Zone in Abu Dhabi (Kizad), has cost $160 million so far. Construction on its workshops and product lines will be finished by the end of this year.
According to officials, a total of 44 foreign investment projects have been put on file in H1, of which 10 have cost over $10 million.
Wuxi companies have continued expanding overseas despite the impact of the epidemic, especially those involved in the garment and metal processing industries. In addition to strong trade demand, rising domestic land plants, increasing labor costs, and demolition policies also driven them to global markets.
Chuangjing Clothing Co, which focuses on denim production, plans to spend $20 million transferring production to Cambodia.
The Cambodian Sihanoukville Special Economy Zone (SSEZ), led by the Wuxi-based Hodo Group, has seen zero COVID-19 cases so far, thanks to its effective epidemic prevention and control measures.
As the largest export base in Cambodia, SSEZ's total output rose by 132.8 percent to $420 million in H1 despite a global economic recession. Its total imports and exports reached $663 million, a year-on-year increase of 26 percent.
The local government said it will continue to help enterprises expand into overseas markets.
