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Wuxi National Hi-tech District a preferred destination for European Investment

Updated : 2024-01-03
(wndonline.cn)

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Belgian company Magotteaux established an alloyed material company in Wuxi in 1993. [Photo/Science & Technology Industry Parks]

Wuxi National Hi-tech District, with its efficient and convenient business environment and a well-established industrial base, has become a sought-after destination for foreign investment. Among regions looking to invest, Europe is emerging as a key contributor.

As of 2022, a total of 166 companies from European countries including Germany, the Netherlands, Switzerland, and Sweden, had established a presence in the district, undertaking 138 projects with a cumulative investment of 15 billion euros ($16.55 billion). Their combined sales revenue amounted to 118.23 billion yuan ($16.61 billion).

For example, AstraZeneca has successively established production, distribution, sales, and innovation headquarters in the district since commencing activity there in 1993. In the meantime, by instituting platforms such as the Wuxi International Life-Science Innovation Campus (I•Campus), it has attracted numerous enterprises, funds, and innovation teams to further cultivate a dynamic ecosystem.

Belgian company Magotteaux, a global leader in process optimization solutions for abrasive and impact applications, has invested in the Wuxi National Hi-tech District for three decades. This year, it injected an additional $50 million to intensify its research and development efforts and expand production capacity, aiming to transform its base in the district into its largest production facility.

In November, over 20 Polish entrepreneurs visited the Wuxi National Hi-tech District for the first time. Zaneta Berus, head of the delegation, stressed their diversity in industry backgrounds, such as biotechnology, finance, and agriculture, and their plans to deepen cooperation with Wuxi.

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