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Hunan Enterprises Make Remarkable Achievements in Going Global

Updated: 2021-03-30

Hunan Province made remarkable achievements in foreign economic cooperation from January to February. The Hunan Provincial Department of Commerce announced on March 29 that the province established eight companies abroad in the first two months of 2021, with a contracted investment of 267 million USD. The figure was an increase of nearly 820% over last year. 

Actual investment was 390 million USD, an increase of nearly 93%. Hunan enterprises have signed contracts for new foreign-contracted project worth more than 286 million USD in the two months, an increase of over 570%. Business volume reached 452 million USD, up nearly 38% from last year. The province dispatched 846 contract workers, an increase of more than 40%. 

Relevant person in charge of the International Cooperation Department of the Hunan Provincial Department of Commerce said that the growth in the first two months was partly due to a low base last year. Since this year, the impact of the epidemic on outbound investment and international cooperation is gradually fading. The implementation of major projects is a significant driving force of the development of foreign economic cooperation. For example, In January, CRRC Zhuzhou Locomotive Co., Ltd. won a bid for an overseas subway project worth 1.866 billion USD. With the nationwide COVID-19 vaccination starting, work on the dispatch of overseas project personnel is getting back to normal. Projects that were not able to be carried out last year were resume gradually this year.

Recently, the Hunan Provincial Department of Commerce also issued 31 Hunan Provincial Foreign Investment Cooperation Key Cultivation Projects for 2021. It will focus on China-Brazil Agricultural Science and Technology Park Project, and Pakistan’s National Optical Cable Network Investment, Construction and Operation Project. The Hunan Urban Construction College was established as the 2021 Hunan Province Overseas Labor Service Training Base.

Source: enghunan.gov.cn