On November 8th, 2024, the 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area was held in Guangzhou. The event, jointly organized by the governments of Guangdong, Hong Kong, and Macao, resulted in the signing of 1,933 projects with a total investment of 2.26 trillion yuan.
Why has the Guangdong-Hong Kong-Macao Greater Bay Area become a hotbed for investment? Multinational companies and foreign investors have provided their answers.
Dr. Markus Kamieth, BASF Group's Executive Board Chairman, expressed his strong impression of Guangdong's leading innovation capabilities in China. This has boosted BASF's confidence in continuously expanding its investment in the region. As a result, BASF's largest single investment in history—the BASF (Guangdong) Integrated Base project—was set up in Guangdong. By 2025, the base will achieve a 100% renewable energy usage rate, becoming a leading project in sustainability and innovation.
"With the joint efforts of the governments of Guangdong, Hong Kong, and Macao, the Greater Bay Area has the potential to become a global economic growth engine." In 2024, ExxonMobil's integrated plant and the Daya Bay R&D Center in Huizhou, are set to begin operations. According to Darren W. Woods, Chairman and CEO of ExxonMobil, the decision to establish key projects in South China is not coincidental. Woods also shared that ExxonMobil has signed an agreement with the Guangdong Energy Group for the use of a liquefied natural gas (LNG) Terminal.
"Our first factory was established in Shenzhen in 1988, marking the beginning of our development in China. Our success in the Chinese market has been a key factor in our rise to the Global 500." According to Guo Kongfeng, Chairman of Wilmar International, the Greater Bay Area offers tremendous economic vitality, innovation potential, strategic location, and investment opportunities. Today, Guangdong has become one of the most important provinces for Wilmar's investment in China, with new industrial chain developments in areas such as edible oil processing and grain technology.
During the conference, government departments from Guangdong, Hong Kong, and Macao not only presented substantial financial incentives but also showcased a "special package" highlighting the region's livability and business-friendly environment. The aim was to attract major projects, large enterprises, and top talent from around the world with a variety of attractive offerings.
In 2023, the Greater Bay Area's economic output reached nearly 2 trillion dollars, making it one of the most promising growth engines in the world. Currently, the region is accelerating efforts to improve its modern industrial system. This year, an action plan was introduced to speed up the cultivation and development of future industries, with a focus on seven key future sectors such as networks and general intelligence. Meanwhile, the area is actively pushing forward action plans for the development of key industries like the low-altitude economy and optical chips, while also placing strong emphasis on supporting the growth of industries such as biomanufacturing.
"When you look at bay areas around the world, you'll find that each of them has its own key focus areas and industries, forming a comprehensive industrial cluster. When we talk about the Greater Bay Area, we can clearly see the remarkable development in manufacturing and digital industries." William Hickey, a faculty member at the School of Business, Guangdong University of Foreign Studies, and a recipient of US. Fulbright professorships stated that the development of technology sectors like AI in the Greater Bay Area is vibrant and will bring more opportunities for global cooperation and growth.
Source: Lingnan On the Cloud
