Investment projects signed to build better industry

Jimei district in the city of Xiamen signed 40 agreements with a total investment of 10.55 billion yuan ($1.54 billion) on Sept 8, during the 2018 China International Fair for Investment and Trade, to create a more diversified environment for industry development.

Some of the projects focus on the development of major industries, with others aimed at innovative public service platforms for technological research. The projects will promote the exchange of professionals, technical capability and capital, to accelerate the integration of innovation and the real economy, according to the Jimei government.

The district will continue to promote the development of mechanical equipment manufacturing, software and information services, cultural creation and tourism, modern logistics, new materials and modern agriculture, as well as attract more scientific research, education, culture, sports and medicine projects to build a vigorous and more livable district, the government said.

Jimei is an important industrial base in Fujian. Xiamen Tungsten will build a magnet motor industry base to produce various types of industrial motors and related equipment.

Xiamen-based Hongfa Electroacoustic will expand its business in Jimei district and build new plants and produce supporting facilities.

The Intellectual Property Center of the Chinese Academy of Social Sciences will enter Jimei and serve regional development through cultivating high-value patents, making it easier for the transfer of patent licensing and guiding the usage of intellectual property rights.

Jimei has also attracted a commercial complex aimed at launching new projects. Sanli City Wanda with a planned construction area of 80,000 square meters will provide comprehensive commercial and residential facilities.

A one-stop tourism shopping experience center in Jimei New City will also focus on cross-border e-commerce and tourism-related products in the future, the district government said.

Red Star Macalline Group, a leading domestic company for household items, has committed to building a new household shopping experience center.

Invested in by e-commerce platform eBay and private equity company CITICPE, an industrial park will be built to create an information and intelligent cross-border e-commerce platform serving global e-commerce in Jimei. The park is expected to have annual turnover of 13 billion yuan when it comes into operation.

According to the Jimei government, a total of 13 of the 40 projects feature foreign investment valued at $210 million.