Weifang eyes expansion in overseas markets

WEIFANG, China--(BUSINESS WIRE)--Weifang, a city in East China’s Shandong province, has been making efforts to expand overseas markets to achieve a higher level of opening-up.

As COVID-19 epidemic control measures continue to be optimized in China, Weifang is encouraging local companies to explore overseas markets by releasing a series of supporting measures, which include providing consultation services and simplifying the approval process.

The local government has also urged enterprises to participate in international exhibitions via both online and offline channels. Since January, 76 enterprises have attended 82 exhibitions in food, vegetable, and auto part sectors in countries such as Germany, Japan and South Korea, and deals worth a total of more than 2 billion yuan ($286.6 million) were signed.

“Weifang has always been a hot spot for foreign investment,” said Feng Bo, director of the Weifang bureau of commerce.

From 2012 to 2021, Weifang approved a total of 957 new foreign-funded projects, with utilized foreign capital totaling $7.82 billion. In 2021, Malaysia's State-owned energy group Petronas set up its China headquarters in Weifang, which is the first of its kind in the city. By the end of 2021, investors from 92 countries and regions across the world have invested in Weifang, and 3,874 foreign-invested projects have been set up.

“Weifang has comprehensive competitive advantages in industrial facility support, infrastructure and the business environment, which is why foreign enterprises are optimistic about Weifang's economic development and are willing to expand Weifang’s market and grow together with Weifang,” Feng said.

In 2021, 1,211 foreign-invested enterprises in Weifang achieved a total sales revenue of 173.57 billion yuan, and their imports and exports reached 33.09 billion yuan or more, accounting for roughly 12.5 percent of the city's total foreign trade volume.

In addition, Weifang enterprises are also encouraged to establish overseas factories or institutions around the globe as a way to expand the international market.

By the end of 2021, 322 Weifang-based enterprises had opened branches in 86 counties or regions in fields such as mechanical equipment manufacturing, agriculture, logistics warehousing, and wood processing.

To date, Weifang has established trade relations with 216 countries and regions. According to Wang Bo, director of Weifang customs, Weifang’s foreign trade volume reached 266.39 billion yuan in 2021, which is 2.8 times more than that in 2012.