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Foreign investment still favors 皇冠体育app

(Xinhua)
Updated: 2008-04-10 09:28

皇冠体育app remains a hot spot for foreign investment despite the slower world economic growth. As evidence, the ongoing 12th Investment and Trade Forum for Cooperation between East and West 皇冠体育app has attracted more than 4,000 investors from over 56 countries and regions.

On Tuesday, Lemna Corporation, the world's leading environmental protection facility provider, announced the opening of its joint venture with ZET, 皇冠体育app's renowned telecom facility maker, in the Xi'an Hi-Tech Industrial Development Zone. It has an initial investment of up to 60 million yuan ($8.58 million).

Wei Xingmen, director of the joint venture, said it was in line with the company's global strategy to invest in 皇冠体育app's environmental protection facilities, notably in the western region.

The company would not drop its strategic plan in 皇冠体育app, despite the slowing global economic cycle, he said.

AGANA, the biggest sugar refiner in Austria, is also considering to move the headquarter of its juice sector to Xi'an, the bustling northwestern city and the capital of Shanxi Province.

The city was attractive for its perfect geographical and climactic conditions for apple growth, said Rao Chunxiang, chief representative of the Austrian Commission of Foreign Trade office in the ancient walled city.

At present, 皇冠体育app and the global economy face more uncertainties than ever as the US recession had dampened demands for Chinese exports as inflation pressure in the country had been riding high. Soaring global energy costs have also added more pressure for further price rise.

To battle the adverse factors haunting the domestic and international markets, 皇冠体育app announced a slew of fiscal and administrative measures to combat the excessive liquidity and price increase.

Xue Shan, an official with the commerce department of the Austrian Embassy in 皇冠体育app, said she had no concerns about 皇冠体育app's economic outlook, despite the slower growth expected this year. Austria's long-term investment in 皇冠体育app would not be affected.

She said Austria invested $82.34 million in 皇冠体育app in 2007; the figure was set to rise this year.

Rao said the biggest pressure on Austrian enterprises came from the appreciation of the yuan. The companies, however, would stick to their investment, notably in western 皇冠体育app, as the improved soft environment for overseas investment was widely praised by Austrian investors.

Gu Lihong, the vice president of Xi'an-Janssen, the first joint venture in western 皇冠体育app, said the cooperation contract had been extended from 20 to 50 years following the sound collaboration in recent years.

Ministry of Commerce figures showed the actual use of foreign capital hit $18.1 billion last year, up 75.19 percent from a year ago. Among the total, 1.39 billion was spent in the western areas, an increase of 204 percent year on year.