Jiangxi Courts Foreign Investors

China's Jiangxi Province is trying to attract foreign investments to fuel local economic development, said provincial vice-governor Zhu Yingpei at a symposium yesterday in Beijing.

The provincial government displayed project proposals involving investment of US$3 billion for foreign investors to consider during the symposium.

The agricultural sector is the top priority for foreign investors, Zhu said.

"We encourage foreign investment in agricultural product processing, developing environmentally friendly agriculture and importing improved strains," Zhu said.

The provincial government plans to establish a 100-hectare high-technology agricultural zone this year in Xinfeng County.

Zhu said foreign investment is also welcome in the burgeoning tourism sector, which has been designated as one of the province's economic pillars.

The government encourages foreign business to invest in scenic spot construction and foreign travel agencies to open branches or co-operate with local counterparts.

"The province also needs more foreign investments in infrastructure," Zhu said.

The province plans to construct more than 1,000 kilometres of expressways over the next three to five years.

Foreign investors are also encouraged to participate in the restructuring of the province's State-owned enterprises (SOE), Zhu said.

The provincial government calls on SOEs to strengthen co-operation with foreign investors in mergers and shareholding.

More than 300 foreign and domestic investors participated in the symposium.

With the country's pending entry into the World Trade Organization, foreign investors will get wider market access in finance, insurance, stock and telecommunications sectors in the province, Zhu said.

By the end of last year, the province had used a total foreign investment of more than US$4.42 billion from 58 countries and regions including the United States, Japan, Singapore, the Hong Kong Special Administration Region and Taiwan Province.

Nearly 5,000 foreign-funded enterprises were approved in transportation, energy, agriculture, electronics, automobile, household appliances, food and pharmaceutical sectors.

Foreign-funded enterprises have contributed greatly to the sustainable and rapid economic growth of the province, Zhu said.



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