BEIJING, Aug 29 : The fifth edition of Qingdao Multinationals Summit held in Qingdao, Shandong province brought together more than 800 guests including government officials, executives of multinational companies and industry experts.
The opening ceremony of the summit was jointly hosted by the People’s Government of Shandong Province and the Ministry of Commerce.
During the event, the report ‘Multinationals in China: Sharing New Opportunities of Chinese Modernization’ was released. The report comprehensively elaborates on the significant contributions of multinational companies to the development of China, deeply analyzes the new opportunities inherent in Chinese-style modernization, and provides strong reference value for multinational enterprises investing in China.
In his address at the opening ceremony, Zhang Qingwei, vice-chairman of the Standing Committee of the National People’s Congress welcomed guests from home and abroad.
He said multinational companies are powerful drivers of economic globalization and important forces in promoting the construction of an open world economy.
He also said at this new historical junction, the committee hopes to enhance mutual trust with multinational companies share new opportunities such as the construction of a unified market, the development of new quality productive forces, comprehensive green transformation, and institutional openness, to create a new chapter of cooperation between China and them.
Zhang Qingwei hoped that Shandong will strive to build a new, more open economic system.
He also appreciated the participants to make good use of the summit platform, strengthen communication and exchanges, promote practical cooperation, and work hand in hand with China for mutual development and win-win outcomes.
Keita Ishii, president and chief operating officer of Japan’s Itochu Corporation, said Qingdao has already attracted more than 400 multinational companies.
In 1988, Itochu Corporation established an office in Shandong, and in 1994 it set up Itochu Qingdao Co Ltd. Around 1988, Itochu Corporation began business cooperation with Shandong in various fields, such as fibers, metals, logistics, chemicals, and food.
It has established a cooperative enterprise with Shandong Port Group, jointly operating international circulation nodes such as iron ore and coal mines and working to expand its commercial presence.
Sohn Kyung-shik, chairman of the South Korean CJ Group, said China is one of CJ Group’s most important global markets. Since establishing a food factory in Qingdao, Shandong province in 1994, CJ has been dedicated to expanding its business in China.
Shandong province is a core area of focus for CJ Group in China, with investments totaling 9 billion yuan ($1.26 billion). It operates various businesses in the province, involving food, biotechnology, logistics, and cinemas.
The company continues expanding its food, biotech, and cultural businesses in the province, hoping to grow with Shandong and make continuous contributions to its economic development.
AstraZeneca, a UK company, will further increase its investment in the Qingdao production and supply base, bringing the total cumulative investment to $750 million, said Wang Lei, global executive vice-president of AstraZeneca and president of its China branch.
The two-day event featured 140 Fortune Global 500 companies, 311 industry-leading enterprises, and 99 multinational companies participating for the first time.
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