CHONGQING, China, May 3, 2013 /PRNewswire/ -- Global industries have been entering the Western Chinese market on a large scale and one of the Fortune 500 enterprises, General Electric (GE), has settled in Chongqing Liangjiang New Area to develop an advanced equipment industry.
Liangjiang New Area has attracted more than 110 Fortune 500 enterprises and 200 large transnational groups since it was established in 2010, becoming a new hot spot for enterprises around the world to enter West China.
GE plans to invest $125 million in constructing a high-low pressure electric equipment base in Longxing Industrial Park.
West China is becoming an emerging market with the greatest investment potential in the world and a hot spot for international industrial transfer. Chongqing, the engine of economic development in mid-west China, is the strategic hub for GE Industrial Systems to boost its development. GE wants to cooperate with the local government and enterprises for mutual benefits and promote the local manufacturing and industrial businesses, according to Bob Gilligan, the Global CEO of GE Industrial Systems.
Other Fortune 500 companies in Liangjiang New Area include GM and Honeywell from the U.S., Mazda from Japan, Fiat from Italy, Hankook Tire from South Korea, and Wistron from Taiwan.
The new area expects a production capacity of nearly one trillion yuan in the coming years and has greatly reduced the cost for international enterprises to invest in associated industries.
According to statistics, the number of Fortune 500 companies investing in Liangjiang New Area has doubled to more than 110 since it was established, and large multinational corporations have exceeded 200.
Sun Zhengcai, the secretary of the Chongqing Municipal Committee of the Communist Party of China (CPC), said Liangjiang New Area is at a critical stage of development, so it must deepen reform and expand opening-up to take on the role of a vanguard in the comprehensive supplementary reforms.
Sun, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, encouraged the area to grow bigger and stronger and play a leading role in leading the region's economy.
As the pioneer in the opening-up of West China, Liangjiang New Area is exploring new development patterns for inland areas with a global perspective.
SOURCE Chongqing Liangjiang New Area