YEDA: A new frontier of opening-up

Established in 1984, the Yantai Economic and Technological Development Area continues to open up to the outside world. [Photo/WeChat account: ytkfqfb]

Since its establishment in 1984, the Yantai Economic and Technological Development Area (YEDA) has become increasingly open to the outside world.

The investment attraction efforts in YEDA had taken a proactive approach even before its formal establishment. To facilitate the establishment of the first project, involving a sealant project by the American company Loctite, Jiang Dehua, the then director of YEDA's preparatory committee, and his team spared no effort.

In 1987, Shandong province welcomed its first Fortune Global 500 investment project, Henkel Loctite (China) Co, which set up operations in YEDA. By 2023, a green high-end adhesive project by Henkel Loctite, with a total investment of 120 million euros ($129 million), was signed into effect, beocming Henkel Group's largest single investment project globally.

Attracting investment has always been a top priority for the area. In 2023, out of 230 national-level economic development zones assessed for foreign investments, YEDA ranked 9th and was recognized as a distinctive international cooperation zone in Shandong province.

To date, enterprises from 59 countries and regions have set up operations in the area, with over 2,200 foreign-funded projects established, attracting a total of $12.5 billion in foreign investment. Notably, 140 projects by Fortune Global 500 companies, including LG and General Motors, have built here.

Furthermore, YEDA continues to improve its institutional mechanisms in foreign trade, financial reform, and business environment, aiming to comprehensively establish itself as a new beacon of international openness.