In a major development signifying Guangzhou's robust growth trajectory, Panasonic Industrial Devices Materials (Guangzhou) inaugurated its fourth manufacturing facility in Huangpu district on Sept 8.
This move represents a new milestone in the region, underlining the company's deepening engagement with Guangzhou's vibrant economic ecosystem.
Tetsuro Honma, representative director and executive vice president of Panasonic Holdings, asserted that the new manufacturing facility will be dedicated to producing 5G electronic materials. This new factory is expected to bolster the company's total production capacity by a remarkable 1.3 times, and it will inject fresh momentum into China's burgeoning 5G industry.
Since its settlement in Guangzhou in 1992, Panasonic has implemented 11 local investment projects, generating an impressive annual turnover nearing 11 billion yuan ($1.70 billion). Guangzhou stands as one of Panasonic's key research, production, and sales bases in China.
The establishment of this new factory not only reflects Panasonic's confidence in Guangzhou's long-term development, but also showcases the region's amiable investment climate and extensive market prospects.
In recent years, Guangzhou has successfully attracted several substantial foreign investment projects, including investments from conglomerates such as Unilever, Amway, and Hyundai Motor Group. Demonstrating a buoyant investment landscape, the city recorded an 81 percent surge in the establishment of new foreign-invested enterprises in the first seven months of this year.
The launch of Panasonic's new facility is a testament to Guangzhou's triumphant strides in fostering industrial upgrades and attracting business investments. It highlights a promising trajectory that is steering the city further along the path of technological advancement and economic vigor.
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