The outbound direct investment (ODI) of Wuxi, East China's Jiangsu province hit a record high in 2020 despite the COVID-19 epidemic, according to data released by the local commercial authority on Feb 18.
The number topped $1.7 billion last year, ranking first in the province.
Among the total, 20 key ODI projects, each worth more than $10 million, have been registered with the local authority.
The progress can be attributed to the city's outbound investment in the countries and regions involved in the Belt and Road Initiative.
In 2020, Wuxi had 31 ODI projects in countries and regions involved in the BRI and agreed to invest $490 million there, up 5.2 percent year-on-year.
Thailand, Israel, Singapore, and Cambodia were the most popular destinations for Wuxi enterprises' overseas investment.
According to an official from the local commercial authority, the advancement of the BRI projects has brought more opportunities for enterprises to realize their global layout of industrial chains, supply chains, and value chains, while they are continuously releasing dividends.
The official added that the countries and regions involved the BRI will still be the key areas of Wuxi enterprises' overseas investment and cooperation, as well as for their layout of regional supply chain centers.
Last year, Jiangyin-based Envision Energy invested an additional $350 million in a Nissan lithium battery project in Japan, which became the largest ODI project of the city.
Wuxi-based Yinniu Microelectronics became a major shareholder of Inuitive, an Israeli developer of cutting-edge 3D computers, with a $100 million investment. Another Wuxi high-tech enterprise, Weifu, acquired Belgian fuel cell company Borit.
These two projects are progressing well and will help promote the local strategic emerging industries in Wuxi.
"Cross-border mergers and acquisitions (M&As) are increasingly becoming an important way for the internationalization of enterprises in Wuxi, greatly enhancing the ability of 'made in Wuxi' enterprises to explore the global market," a local official said.
The city will further support local enterprises to carry out cross-border high-quality M&As, providing incentives to speed up overseas M&As in the semiconductor, biomedicine, and other key industries, as well as supporting the overseas M&A projects to return for development to boost more industries in the city, the official added.
