On November 7, 2024, the Top 100 Foreign-invested Enterprises in Guangdong was released at the Baiyun International Convention Center in Guangzhou, the first event for the 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
A roster of 100 multinational enterprises, including BASF, ExxonMobil, Siemens, Walmart, Quantum Hi-Tech and more, were honored on the list, with a combined investment in Guangdong exceeding $36.6 billion and each single enterprise's investment surpassing $100 million.
According to the conference, investment origins predominantly hail from the United States, Germany, Japan, Singapore, and regions such as Hong Kong and Taiwan, spanning 16 countries and regions.
Geographically, 89 of the listed companies are clustered in the nine cities of the Pearl River Delta, including Guangzhou and Shenzhen, while the remaining 11 are from six cities in the eastern and western parts of Guangdong. Industry-wise, the manufacturing sector dominates the list with 69 companies, and sectors such as new-generation information technology, advanced equipment manufacturing, biopharmaceuticals, green petrochemicals, new materials, and modern services account for 80%. Over 70% are high-tech and knowledge-intensive enterprises, reflecting the high-quality utilization of foreign investment in Guangdong Province.
Foreign enterprises investing in Guangdong with concrete funding and outcomes
Guangdong has maintained the top position in both the stock and flow of foreign investment for many years. In 2023, 40% of newly established foreign enterprises chose Guangdong, especially cities in the Greater Bay Area such as Shenzhen and Zhuhai, which saw a rapid increase in foreign investment, making the province a hotbed for foreign investment nationwide.
One of the top 100 enterprise representatives, Michelle Liu, Tate & Lyle Asia Pacific Vice President of Corporate Affairs, the parent company of Quantum Hi-Tech, stated in an exclusive interview with GDToday that their entire investment project in Jiangmen not only contributed $237 million to the local economy, equivalent to 1.6 billion yuan, but also directly contributed 340 million yuan in taxes, approximately the total tax revenue of Quantum Hi-Tech over ten years. “Our group is investing and developing in the GBA, in Jiangmen, with substantial funds and concrete actions,” said Michelle Liu.
Sound business and living environment for both enterprises and staff to settle down
The foreign-invested enterprises play vital role in the GBA and the global economic landscape. Through the joint efforts of these enterprises, we can witness the transformation and upgrading of the Greater Bay Area's economy from traditional to high-tech, international, and modern, as well as its continuous leap from the world's factory to a global innovation hub.
Ivan Li, KPMG China Vice Chairman, and Chief Partner of South China, noted that thanks to government support, the business environment in the GBA is excellent, with a good customer base and many demands. "There are few places globally with such a favorable business environment and such great opportunities," he said. "We also see a significant demand for technological transformation in this area, with enterprises showing great vitality and innovation capabilities. This innovative dynamism also attracts foreign investment, and we are increasing our technology investment here."
Looking ahead, Guangdong will continue to provide more conveniences and higher-quality services for foreign enterprises to invest and develop. It is expected that in the future more and more foreign enterprises will join the ranks of investing and rooting in Guangdong, actively participating in the development of the GBA.
Reporter | Guo Chuhua
Video | Qin Shaolong
Poster | Cai Junru
Editor | Hu Nan, James, Shen He
