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Firms in Guangdong Encouraged to Expand Business Abroad
Governor Lu Ruihua of Guangdong Province pledged to encourage local enterprises to expand business overseas during the Tenth Five-Year Plan period (2001-2005).
Lu said his province had been improving policies regarding investing overseas.
According to Lu, local enterprises will be encouraged to start up technology-based and equipment-based processing trade businesses overseas, and to participate in resource development overseas.
Local trading companies will also be encouraged to build sales service networks abroad, and to promote international service trades, such as contracting overseas projects and conducting labor cooperation, said the governor.
A growing number of Guangdong-based companies, including, TCL, Kelon, Gree, have invested in building plants overseas, mostly in developing countries, such as India, Pakistan, Brazil, Mexico, Malaysia, Russia and South Africa.
Most of the businesses started up by companies from Guangdong are engaged in assembly and processing of light industrial products.
Lu believes the expansion of overseas business by local enterprises would be an effective way of increasing exports from Guangdong, which is now the leading exporter in China.
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