Ningxia further opens to foreign investment

The "2022 Multinationals' Senior Executives and Diplomats in China to Ningxia" was successfully held in Yinchuan between August 17-19. The program was hosted by the Commerce Department of Ningxia Hui Autonomous Region and Foreign Affairs Office of Ningxia Hui Autonomous Region and organized by the Sino-International Entrepreneurs Federation.

The delegation was welcomed by Liang Yanshun, Secretary of the CPC Ningxia Committee, Chairman of the Standing Committee of Ningxia People's Congress and Zhang Yupu, Deputy Secretary of the CPC Ningxia Committee, Governor of Ningxia Hui Autonomous Region. During the official meeting and reception, Liang Yanshun expressed his appreciation for this visit, which is one of the most important foreign economic and trade activities held by Ningxia in recent years, as well as a high-standard promotional activity for foreign investment.

An investment promotion meeting was then held during the visit to drum up foreign investment in Northwest China's Ningxia Hui autonomous region.

Sixteen projects were signed, with a total investment of 2.43 billion yuan ($358 million), covering new energy, trade, asset investments, petrochemicals, sewage disposal, finance, manufacturing and other fields.

The meeting aims to attract more multinational companies to invest in Ningxia's new materials, clean energy, equipment manufacturing, wine, goji and cultural tourism industries by building a foreign trade and investment cooperation platform, and further enhancing the contribution of foreign capital to Ningxia's economic and social development.

In recent years, Ningxia has seized the opportunities of western regional development, the construction of "Belt and Road" and the promotion of the ecological protection and high-quality development of the Yellow River basin.

At present, Ningxia has expanded its international trade to 169 countries and areas. In 2021, its regional GDP increased by 6.7 percent. Its import and export of goods increased by 73.4 percent year-on-year, the second fastest growth in the country. In the first half of this year, Ningxia's GDP increased by 5.3 percent year-on-year. Its total import and export volume increased by 70.1 percent, the fastest in the country.

Ningxia has rich resources, distinctive industrial characteristics, low investment costs and an excellent business environment. The China-Arab States Expo, the China (Ningxia) International Wine Culture and Tourism Expo, Ningxia Inland Opening-up Pilot Economic Zone, and other national and international platforms have played a crucial role in promoting economic and trade cooperation among countries along the "Belt and Road", and have provided great opportunities for multinational enterprises.

Ningxia says it will continue to accelerate its industrial transformation and upgrading, concentrate resources to create characteristic and advantageous industries and build the most attractive and competitive investment hub in western China.