China Electric Giant Invites Overseas Investment

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Last updated at: (Beijing Time) Monday, March 10, 2003

China Electric Giant Invites Overseas Investment

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The Shanghai Electric (Group) Corporation, China's leading machinery equipment producer, is seeking investment from its overseas counterparts in a wide range of projects, in a bid to make itself a worldwide name.

The projects cover 32 areas, ranging from electrical and petrochemical equipment, machinery components, engineering drive, modern agricultural, and machine tools, to textiles, printing, and packing machines.

Some 37 international companies, such as the United States-based 3M, Germany's Siemens and Schneider, France's Alsthom, and Japan's Mitsubishi and Fuji, are pursuing the chance to cooperate with the Shanghai company.

Shanghai Electric recently signed 14 investment and trade contracts worth more than 100 million US dollars, on joint investment, transfer of shares, and introduction of technologies and parts purchasing with big overseas companies.

The Shanghai group has enjoyed two-digit growth for the past 11years.

It has so far built up 127 joint companies with global big-name companies, whose investment totaled 64 million dollars in 2002, a rise of 68 percent on a yearly basis.

As much as 39 percent of the group's total assets have been poured into the joint projects, which in return help generate half of the group's sales.

The group attracted more than 25 million dollars in overseas investment last year, up 17 percent from the 2001 level.

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