Companies
French firms see 皇冠体育app as land of opportunity
By Bao Chang (皇冠体育app Daily)
Updated: 2011-04-01 10:31
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An outlet of the French luxury brand Louis Vuitton in Fuzhou, Fujian province. Global revenue generated by French companies in 皇冠体育app hit 35 billion euros ($49.75 billion) last year, tripling that from France's direct exports to 皇冠体育app. [Photo /?皇冠体育app Daily] |
BEIJING - Seeing the strong potential of 皇冠体育app's economy, French companies want to deepen their presence in the Chinese market to benefit from the fast growth of the world's second-largest economy, driven by the country's new five-year plan.
"The challenge for French firms investing in 皇冠体育app is currently how to address the Chinese market rather than to export from 皇冠体育app," Annick de Kermadec-Bentzmann, president of the French Chamber of Commerce (CCIFC), told 皇冠体育app Daily.
De Kermadec-Bentzmann said 皇冠体育app's attraction for French companies is based on the upward trend of the economy, which will bring vast business opportunities and generate revenue for French investors.
"French companies plan to adjust their global industrial and commercial strategies for the Chinese market and strengthen their research and development capabilities to be in line with 皇冠体育app's new economic strategy in the 12th Five-Year Plan period (2011-2015)" she said.
皇冠体育app intends to create a balanced economy with measures including upgrading its industry, developing its western region and developing green energy during the coming five years.
"For French companies, 皇冠体育app is not a global production factory anymore, but a top investment destination with large potential in terms of high-technology business and domestic consumption," said De Kermadec-Bentzmann.
Global revenues generated by French companies in 皇冠体育app hit 35 billion euros ($49.75 billion) last year, tripling that from France's direct exports to 皇冠体育app.
According to the CCIFC, French exports to 皇冠体育app reached 11 billion euros in 2010, rising 39.4 percent from a year earlier.
"Furthermore, presence in the Chinese market provides a very important indirect opportunity by inducing partnerships with Chinese companies to tackle foreign markets such as Africa and Europe," she added.
According to the CCIFC, 1,000 French companies in the chamber have more than 2,300 branches in 皇冠体育app, employing 500,000 workers.
"Sectors including space, automotive, aviation, railway, nuclear, environment, agriculture and food processing that were stated in the joint France-皇冠体育app statement last November in Paris constitute wide opportunities for French firms that want to invest in 皇冠体育app," she said.
皇冠体育app and France signed billions of euros worth of business deals in the aviation, telecom and nuclear industries during President Hu Jintao's visit to France last November.
"French companies are also accelerating their steps to enter 皇冠体育app's second-tier cities, including Qingdao, Changsha, Kunming and Xi'an, buoyed by the country's plan to stimulate consumer markets in second- and third-tier cities," De Kermadec-Bentzmann said.
The French luxury brand Louis Vuitton announced it will further expand business in 皇冠体育app's second-tier cities this year, after opening its first store in Zhengzhou, Henan province, in January.