Wuxi Industrial Innovation and Cooperation Conference promotes EU-China partnerships

The 2023 EU-China (Wuxi) Industrial Innovation and Cooperation Conference was held in Wuxi, Jiangsu province, on Wednesday to further promote cooperation and exchanges between the city and Europe in various sectors.

The highlight of the conference was the launch of the Wuxi China-EU Industrial Innovation Zone, a planned construction project covering an area of 24.5 square kilometers, projected to be completed by May of next year.

The zone will include four international industrial cooperation sub-parks: China-Germany, China-Israel, China-France, and China-Switzerland.

Gao Qianfeng, deputy secretary of the Party working committee of the Meicun street office in Xinwu district, said that the zone aims to deepen China-Europe cooperation in various aspects including industrial and technological cooperation.

During the conference, a total investment of nearly 2 billion euros was signed for 28 China-Europe projects. Among them, 14 major industrial projects signed with European countries, covering strategic emerging industries such as the Internet of Things, integrated circuits, high-end equipment, and automotive components.

These projects are expected to generate an additional annual output value of 35 billion yuan after completion.

"We will actively attract modern high-end, green and low-carbon industries," said Zhu Xiaofeng, member of the Party Working Committee of the Wuxi High-tech Zone and Standing Committee member of the Xinwu District Committee.

"We will accelerate the gathering of a group of European multinational companies' functional headquarters, "hidden champion" companies and potential unicorn companies, strengthen landmark industries such as high-end equipment, automotive components and new energy, and strive to create a new benchmark for China-Europe cooperation," said Zhu.

Wuxi has a long history of exchanges with European countries. It has attracted over 7,200 foreign-funded enterprises and nearly 12,000 foreign trade companies. Now it is home to more than 110 Fortune Global 500 multinational corporations, with a total foreign investment of nearly $80 billion.

By 2022, Wuxi's import and export volume with the EU reached $17.17 billion, with a growth rate of 7.6 percent. It reached $11.91 billion in the first three quarters of 2023.

This year, Wuxi has maintained its leading position in utilizing foreign investment. From January to September, its actual utilization of foreign capital reached $3.63 billion, with a year-on-year growth of 9.8 percent. Among them, the actual utilization of foreign capital in high-tech industries reached $1.51 billion, an increase of 5.9 percent.