Government supports investment under BRI

Wuxi recently published implementation suggestions on speeding up the construction of convergence points for the Belt and Road Initiative (BRI).

Based on the suggestions, Wuxi will prioritize the international cooperation on production capability, construction of the Cambodian Sihanoukville Special Economy Zone (SSEZ) and promotion of a cross-border industrial chain to deepen industrial and sci-tech collaboration.

Meanwhile, Wuxi will strengthen international trade by expanding the global market, developing the service trade, boosting the construction of a cross-border e-commerce comprehensive pilot zone and creating a better business environment.

The other two focuses include improvement of ports and airports, and construction of railway and highway transport networks, to optimize water, land and air transport infrastructures and promote a comprehensive international transport system.

Three Wuxi-based textile companies – Jiangsu Sunshine Group, Wuxi No 1 Cotton Mill Co and Jinmao Co – have built their textile bases in Ethiopia. Besides, electric power companies, such as Envision Group, Wuxi Suntech Power Co and Jiangsu Communication Clean Energy Technology Co, have acquired or built new projects in Brazil, Australia, Argentina and Nigeria. Five projects worth $120 million have been signed, covering wind and solar power, and traditional energy.

By the end of May, 2019, Wuxi companies had invested $2.06 billion in 317 projects in countries involved in the BRI, covering textiles, electric power and machinery equipment.

The SSEZ, with investment from Wuxi garment giant Hodo Group, has achieved great success. A total of 161 enterprises provide over 29,000 jobs for locals there. Its total output value has reached $1.15 billion, accounting for half of local economic growth. It has become the largest special economic zone in Cambodia.

Jiangsu Communication Clean Energy Technology Co’s gas power plant in Nigeria, with an investment of $25 million, has eased the country’s problem of electric power shortages.

Wuxi Huaguang Electric Power Co’s power plant in Myanmar has driven local economic development with an annual electricity output of over 800 million kWh, accounting for 5 percent of the country’s total.

According to an official from Wuxi Municipal Bureau of Commerce, overseas industrial parks built under the BRI are able to unite domestic small and medium enterprises to go global by reducing their risks and costs.