"The comprehensive strength of Hangzhou and the impressive economic performance of Hangzhou make Hangzhou one of the favorites among international investors," said Mr Ye, an executive from a Fortune 500 company, during the International Expo Investment Cooperation Week, which was hosted by the Hangzhou Municipal Foreign Trade and Economic Cooperation Bureau on Aug 20 in Shanghai. At the meeting, representatives from Cisco, IKEA and several other Fortune 500 companies were invited to express their opinion on investing in Hangzhou.
Faced with a global economic downturn in 2009, Hangzhou initiated a foreign investment stimulus program to promote Hangzhou as a creative and competitive business partner for global business leaders. Of many initiatives, the Hangzhou Municipal Foreign Trade and Economic Cooperation Bureau established the Hangzhou International Investor Service Center to provide one-to-one VIP services for international investors.
Through October 2009, Hangzhou attracted foreign investment contracts worth $6.96 billion, an 11.8 percent year-to-year increase, topping cities in Zhejiang.
By December 2009, 53 of the world's top 500 firms had invested in the Hangzhou Economic and Technological Development Area (HEDA) with investment worth $3 billion. Qu Wei, director of the HEDA investment promotion bureau, said domestic investments in the area totaled 315 million yuan ($46 million) since HEDA was established in 1993. HEDA has become an investment magnet for both domestic and overseas investors with its favorable policies and advanced infrastructure.
By Li Hui
Editor: Xie Fang
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