China’s local governments select “investment promotion partners” throughout the world
On March 31, five overseas commercial representative offices of China’s Wuxi High-tech Zone, respectively in Europe, Japan, South Korea, Australia and Singapore, were formally established.
The establishment of these five representative offices is essentially the setup of “overseas investment promotion bureaus” affiliated to the local governments and integrated into the local culture. Currently, the five representative offices are just “starters” for the purpose of setting up local offices, attracting giant companies and recruiting elites around the world. China’s Wuxi high-tech zone is planning to establish 11 local commercial representative offices globally within 3 years, and form an overseas investment promotion “squad” with no less than 50 members, striving to attract investment projects worth no less than USD 1 billion each year.
China’s Wuxi High-tech Zone has stood at a high starting point for investment promotion in Japan, South Korea, Europe, the United States, and at home and abroad. It will further aggregate its power of investment promotion, select “investment promotion partners” from all over the world, and dispatch elites and backbones to station in the front line for global investment promotion.
The government is strict with the personnel responsible for investment promotion. The chief representatives must be selected from senior executives or professionals of local multinational corporations and large groups, with rich experience and senior background. By defining the standard of “being professional in both business and post”, the government allows the overseas investment promotion representative to be concentrated on attraction and negotiation of projects, in order to establish a deep channel for communication with the global top 500 companies, multinational corporations, and large groups.