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Home >> Business
UPDATED: 18:21, October 25, 2005
Wuhan absorbs most French investment in China
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A series of trade and cultural exchanges to be launched in Wuhan in the week starting on Oct. 24 marks a new round of surge of cooperation between France and the capital city of central China's Hubei Province.

Wuhan has attracted over one third of French investment in China and more than two thirds of European countries' investment in Hubei. An official with the municipal government said more than 30 Sino-French joint ventures with some 2.2 billion USD total investment had been founded in Wuhan. Among them, the DongFeng Peugeot Citroen Automobile, a joint venture created by PSA and Dong Feng, is the largest project funded by France and runs ahead on a fast track after more than 10 years' development.

The establishment of the French Consulate ´┐ŻCgeneral Wuhan in October, 1998 has given strong impetus to the exchanges and cooperation between France and Wuhan. French companies in Wuhan development park have been busy expanding their business here since the beginning of this year. Faurecia, the leading French auto parts supplier will build its third plant in the park. Sacred Rubber is working on its extension project. And the French engine producer Eletricfil announced that it would add 1 million euro to and double the capacity of its Wuhan arms.

The Wuhan development park has accommodated 16 French-funded companies which are growing and booming. What's more, the proposed Wuhan-France industrial park will be home to more French enterprises to build a complete industrial chain for auto parts supply.

The trade and economic ties between Wuhan and France, as a matter of fact, have gone beyond the auto parts sector and diversified into financial service, chain stores, hi-tech and oil products.

By People's Daily Online

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