A total of 104 of the Fortune Global 500 companies invest in Yantai, contributing to its high-quality development. [Photo provided to chinadaily.com.cn]

The fourth Qingdao Multinationals Summit (QMS), jointly organized by the Ministry of Commerce and Shandong province, kicked off in Qingdao, Shandong province on Oct 10, and the coastal city of Yantai held a business salon entitled "Yantai and multinational corporations" during the event to seek more business opportunities.

The business salon brought nearly 100 top executives and industry leaders from Fortune Global 500 companies, multinational companies, and State-owned enterprises to discuss strategies for global economic growth and international business.

A total of 104 Fortune Global 500 companies currently have operations in Yantai, contributing to its development.

The city now has two industrial clusters with an annual output of more than 200 billion yuan ($27.4 billion) each, namely non-ferrous metals and precious metals, and green petrochemicals, as well as four industrial clusters (high-end equipment, electronic information, automotive, and food deep-processing) with annual output of more than 100 billion yuan each. Yantai is now fostering and developing strategic emerging industries such as biological medicine, aerospace, and clean energy.

Tsunetaka Mori, chairman of Itochu Corporation's East Asia operation, said that they will continue to deepen cooperation with Yantai in various fields in the future and establish a win-win relationship by expanding private trade.

Multinational companies are important participants in economic globalization and serve as bridges between domestic and international markets, making significant contributions to economic development. This salon has helped connect multinational companies with Yantai, adding new impetus to Yantai's efforts to achieve a GDP of over 1 trillion yuan this year.