The 2022 Yantai Dialogue with Executives of MNCs is held in Shanghai on Nov 6. [Photo/Yantai Daily]

The coastal city of Yantai in East China's Shandong province is now making great efforts to expand opening-up and striving to develop industries focusing on carbon peak and neutrality goals, marine economy, new energy resources, and new materials, aiming to attract more multinational corporations (MNCs) to invest in the city, according to the 2022 Yantai Dialogue with Executives of MNCs held in Shanghai on Nov 6.

Officials from Yantai and executives from MNCs including Linde Group from Germany, Japanese trading group Itochu, and South Korea's SK Hynix shared their views on exchanges and cooperation with Yantai in investment, trade and other fields.

Yantai was one of the first 14 coastal cities in China to open to the outside world and has a long history of cooperation with MNCs. In 1987, Henkel Loctite chose Yantai as its investment destination, marking Shandong's first international project invested by a Fortune Global 500 company. Henkel Lotite (China) Company has maintained steady growth since its establishment in the city and it plans to expand its investment in Yantai.

Over the past 30 years, more than 100 Fortune Global 500 companies have invested in Yantai. Official data showed that since 2019, Yantai has benefited from the spillover effect of the Qingdao Multinationals Summit, and signed a total of 75 key MNC projects with a combined investment of more than 83.24 billion yuan ($11.53 billion), which have injected strong impetus into Yantai's social and economic development.