Yantai emerges as hub for multinational investment

Atom, a global logistics company from South Korea, is located in the Yantai Hi-tech Industrial Development Zone. [Photo/WeChat account:gh_5ec6eb206937]

Yantai in East China's Shandong province enjoys a close collaborative relationship with multinationals.

On Aug 27, capitalizing on the 5th Qingdao Multinationals Summit, Yantai hosted a business salon that was attended by executives from multinationals based in the United States, Japan, Germany, Italy, South Korea, Singapore, and the United Arab Emirates.

During the event, Yantai designated 10 enterprises, including ConocoPhillips, Hyundai Motor, Siemens, and Mizuho Bank, as "Investment Promotion Partners", further solidifying its investment collaborations with these multinational entities.

Throughout this year, over 60 multinationals have explored partnerships in Yantai, with prominent participants like DuPont, Johnson & Johnson, LG, and CJ Group. Nearly 20 of these companies have sent high-ranking delegations led by CEOs from their Chinese operations.

Yantai's thriving industrial foundation and promising prospects are becoming pivotal pillars of growth for both the city and multinationals.

Currently, the city is concentrating on fostering clusters in new energy, green petrochemicals, marine engineering equipment, automotive manufacturing, and life sciences, while transitioning towards green, low-carbon energy, industries, and urban living.

As pivotal projects continue to materialize, collaboration between Yantai and multinationals is ascending to new heights.

In the first half of this year, multinationals such as Henkel Loctite and Meade reinvested profits exceeding $120 million, while Fortune Global 500 companies like Sumitomo, China Huaneng Group, and China Resources invested over $100 million, propelling the city to the second spot in Shandong province in terms of actual foreign investment utilization.

Yantai, a city teeming with limitless business prospects, is extending a warm welcome to multinational corporations worldwide, inviting them to invest and flourish.