ZTT Group’s Indian factory [Photo/ntfabu.com]

The value of Nantong's outbound investment was the fourth highest among cities in Jiangsu province in the first nine months of 2019, according to statistics released by the city’s commerce bureau on Oct 29.

Chinese companies agreed to invest $938.95 million into 51 projects, while the contracted foreign projects earned $1.08 billion over the same period, representing a year-on-year growth of 6.79 percent.

Capital mainly flowed into the manufacturing, construction, and commercial service industries in 21 countries and regions, which received $639 million, $74.55 million, and $200 million from Chinese investors, respectively.

Asian countries and regions were the city’s major investment destinations, with 30 projects receiving $683.73 million in investment and accounting for 72.82 percent of the city’s total outbound investment from January to September.

There were 13 projects that received more than $10 million in investment, including a garbage burning project in southwest France that received 112 million euros ($124.43 million) from China Tianying Inc and a factory expansion project in Europe that received $36.77 million from Milly.

Zhongtian Technology Group (ZTT), a large electrical power and communications company based in Nantong, also spent $28.66 million and $25.95 million to expand the production capabilities of its factories in India and Indonesia, respectively.