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North China City becomes hotspot for foreign investment

Photo taken on Nov. 12, 2020 shows a wind turbine manufactured by Vestas Wind Technology (China) Co. Ltd. in north China’s Tianjin Municipality. (Photo provided to Xinhua)

TIANJIN, Giant wind turbine blades measuring more than 65 meters are laid out in the storage area of a sprawling wind turbine factory in north China’s Tianjin Municipality, waiting to be transported to the nearby seaport and shipped to other parts of the world.

The factory is run by Vestas Wind Technology (China) Co. Ltd., the China subsidiary of leading Danish wind turbine manufacturer Vestas.

Opened in 2005, the factory now covers an area of about 400,000 square meters in Tianjin’s Binhai New Area and has become Vestas’s largest manufacturing plant globally. It produces key wind turbine components including blades, nacelles and generators.

Michael Balvers, head of the Asia-Pacific Region of Vestas, Assembly & Towers, said the Tianjin factory resumed production at the end of February with the support of the local government.

“The COVID-19 pandemic has had a strong impact on the worldwide wind power industry. However, the prompt resumption in production guaranteed the on-time delivery of goods to our customers, which firmly enhanced their confidence in Vestas,” Balvers said.

He added that Vestas reached strategic cooperation agreements with its business partners in China during the third China International Import Expo in early November, and has decided to double down on its investment in China’s renewable energy market.

Despite the impact of the novel coronavirus, Tianjin has seen continuous inflows of foreign investment amid intensified efforts to improve its business environment, push forward high-level opening-up, and pursue coordinated development with its neighbors Beijing and Hebei Province.

Official data showed that foreign direct investment in Tianjin Binhai New Area, in actual use, reached 3.19 billion U.S. dollars in the first 10 months of the year, up 11.6 percent year on year. Nearly 300 foreign-funded companies were established in the area during the period.

Mirko Turrina, general manager of Goglio (Tianjin) Packaging Co. Ltd., inspects a food packaging production line on Nov. 4, 2020. (Xinhua/Sun Fanyue) 

Goglio (Tianjin) Packaging Co. Ltd., another foreign-funded company in Tianjin, added new coffee packaging equipment to its production lines earlier this year.

The company now provides packaging services for foods ranging from coffee and juice to tomato paste. It serves customers in China and other parts of Asia.

General manager Mirko Turrina said that they were quite satisfied with the company’s performance this year, thanks to an ever-growing Chinese market.

China’s domestic market has increased its consumption of the company’s products, offsetting its reduction in exports due to the pandemic, Turrina said, adding that an expansion project with a total investment of 120 million yuan (about 18.3 million U.S. dollars) is now on the company’s agenda.

“We have set an ambitious target to double our revenue in the next five years,” Turrina said.

Zhang Zhichen, deputy director of the Commerce and Investment Promotion Bureau of Tianjin Binhai New Area, said the area would continue to pursue high-quality development and opening-up, and create a better business environment to attract foreign investment.  ■

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