Japan firmsto invest RMB 7b in Shenzhen
2012-July-4 Source: Szdaily web edition
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Yesterday’s (July 3) investment policy introduction meeting inspired a slew of handshakes between Japanese enterprises and Shenzhen officials. Total new investments from Japanese multinationals could top 7 billion yuan. Sun Yuchen

Japanese multinationals are planning a surge of new investments in Shenzhen, potentially bringing 7 billion yuan (USD 1.1 billion) to the city.

Eight Japanese corporations, including Aeon, Fuji Electric and Nitto Denko, signed investment contracts with the Shenzhen government at an investment policy introduction meeting yesterday.

Qiu Wen, director of Invest Shenzhen, said a total of 745 Japanese projects have operated locally in the past two decades, with investments topping US$3.1 billion. Invest Shenzhen is a government-run organization that promotes foreign investment.

Aeon Co., a Japanese multinational retailing group, will develop more than three urban commercial complexes in Shenzhen by 2020, each with investments of more than 1 billion yuan, according to Invest Shenzhen.

Qiu said the company is researching potential locations for the commercial complexes and will make the investments over an eight-year time span.

Nitto Denko, a Japanese electric corporation that has opened three local companies since 1999, will continue investing in the city's flat-panel display industry, according to Invest Shenzhen.

Ito Koichi, the consul general of Japan in Guangzhou who assumed office two weeks ago, said at the meeting that more than 400 Japanese enterprises have established businesses in Shenzhen, with about 4,000 Japanese employees living in the city.

Koichi said Japanese companies are seeking favorable investment policies in China.

Tsuda Masayuki, chairman of Omron, said many Japanese companies are doing manufacturing-related businesses in Shenzhen, but have been hurt by rising costs of raw materials, currency fluctuations and the global economic crisis.

He said China's rising labor costs add another burden to those companies and expressed hope for more preferential tax policies.

More than 100 Japanese enterprises attended yesterday's meeting and interacted with Shenzhen officials, discussing the city's investment policies related to the processing of foreign-supplied materials, land, taxes and social security.

Qiu said the company is researching potential locations for the commercial complexes and will make the investments over an eight-year time span.

Nitto Denko, a Japanese electric corporation that has opened three local companies since 1999, will continue investing in the city's flat-panel display industry, according to Invest Shenzhen.

Ito Koichi, the consul general of Japan in Guangzhou who assumed office two weeks ago, said at the meeting that more than 400 Japanese enterprises have established businesses in Shenzhen, with about 4,000 Japanese employees living in the city.

Koichi said Japanese companies are seeking favorable investment policies in China.

Tsuda Masayuki, chairman of Omron, said many Japanese companies are doing manufacturing-related businesses in Shenzhen, but have been hurt by rising costs of raw materials, currency fluctuations and the global economic crisis.

He said China's rising labor costs add another burden to those companies and expressed hope for more preferential tax policies.

More than 100 Japanese enterprises attended yesterday's meeting and interacted with Shenzhen officials, discussing the city's investment policies related to the processing of foreign-supplied materials, land, taxes and social security.

Editor: Olivia
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