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Nantong businesses seek cooperation with ASEAN countries

en.nantong.gov.cn Updated: 2024-04-07


Participants of the exchange meeting pose for a group photo. [Photo/Nantong Daily]

An exchange meeting focusing on companies in Nantong, Jiangsu province exploring cooperation with Malaysia and Vietnam was recently held in the city.

Representatives of local businesses, including Jiangsu Tongzhou No 4 Construction Group Co and Xinfu Food, as well as those of investment, financial, and consultation institutions from the two countries, shared cooperation opportunities.

ASEAN represents a crucial option for Nantong businesses seeking to establish a presence overseas, with Malaysia and Vietnam emerging as investment hotspots.

To date, Nantong enterprises have invested in 35 projects in Vietnam across the fields of processing, manufacturing, textile, and mechanical equipment, with a combined investment value of $462 million. Similarly, a combined investment from Nantong companies of $355 million in Malaysia has gone to 24 projects in civil construction, textiles, communication devices, and other fields.

Wang Jiabing, executive vice-president of the Nantong International Economic and Technological Cooperation Association, noted that Nantong has in recent years maintained close people-to-people exchanges with ASEAN countries.

The recent exchange meeting is expected to familiarize Nantong enterprises with the investment environment and policies, as well as share insights on key considerations for investment in the two countries, Wang added.

Nantong has reaped bountiful fruits from active participation in the Belt and Road Initiative. In 2023, the city added 69 overseas investment projects with a total Chinese investment valued at $252 million, including two in Malaysia and 10 in Vietnam.