Ningxia uses foreign investment to boost economy

Updated: Aug 8, 2019 Print
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Since 2012, the actual utilization of foreign capital in Ningxia Hui autonomous region has been 1.7 times that of the previous 28 years, involving industries such as equipment manufacturing, coal and chemicals, new energy, modern agriculture, commercial services, and finance to effectively boost the region’s industrial transformation, as well as its economic and social development.

In 2017, 183 foreign-funded enterprises in the region achieved revenue of 69.21 billion yuan ($9.83 billion), up 27.26 percent year-on-year. It paid 2.98 billion yuan in taxes, up 52.9 percent year-on-year. The total import and export volume was $413 million, accounting for 8.2 percent of the region’s total. It also created jobs for 27,400 people, including 165 foreign talents.

In 2018, 32 new foreign-invested enterprises were established in the region, with the actual utilization of foreign capital amounting to $214 million.

Ningxia has been focusing on the development of key industries including modern agriculture, equipment manufacturing, new energy, new materials, biomedicine and modern services, and actively and effectively utilizing foreign investment to make historic breakthroughs in the scale and quality of foreign investment in Ningxia.

The region has attracted foreign-invested enterprises from more than 50 countries and regions, including the United States, Canada, the United Kingdom, France, Germany, Japan, Malaysia and Singapore.

The utilization of foreign capital is and has been a significant part of opening-up in Ningxia. Foreign investment has brought not only funds and projects, but also advanced ideas, talents, technologies and management, which drive more and more overseas businessmen and international tourists to visit Ningxia, promoting foreign exchanges and cooperation in the region.

More and more global 500 brands such as Amazon, LV, Pernod Ricard, Schaeffler, Schlumberger, Nestle, Carlsberg, and other enterprises and multinational companies are investing in and setting up new factories in Ningxia.

Foreign-funded enterprises have become an important engine to promote Ningxia’s economic growth, a key support in adjusting industrial structure and facilitating scientific and technological innovation, and an important strength in improving urban functions.

A city in Ningxia Hui autonomous region [Photo/VCG]

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