2024 GBA Global Investment Conference demonstrated Guangdong’s appeal to foreign investors

A total of 1,933 projects were signed at the 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in Guangzhou on November 8, with a total investment of RMB 2.26 trillion.

Jointly organized by the governments of Guangdong, Hong Kong, and Macao, the Conference invited enterprises worldwide to uncover new business opportunities in the GBA. Global 500 companies, including BASF SE, Wilmar International, ExxonMobil, Siemens Energy AG, Électricité de France, P&G, and more, attended the event.

Inviting global enterprises to invest in the GBA

Huang Kunming, Secretary of CPC Guangdong Provincial Committee, stated that Guangdong will unwaveringly promote reform and opening up, focusing on creating a top-notch market-oriented, law-based and international business environment, providing the utmost convenience and optimal services for global investors.

Wang Wentao, Minister of Commerce, said in his speech that the Ministry of Commerce will support the GBA in better attracting and utilizing foreign investment, promoting the GBA's participation in multilateral and regional cooperation, and building the GBA into an international first-class bay area and a world-class urban agglomeration.

Wang Weizhong, Governor of Guangdong Province, addressed that Guangdong had prominent advantages in opening up and is continuously building a powerful gravitational field for gathering global high-end elements. He sincerely invited global investors, entrepreneurs, and talents to share development opportunities in the GBA and create a better future together.

Prior to the Conference, eight departments of the Guangdong Provincial Government, the Commerce and Economic Development Bureau of the Hong Kong SAR, the Macao Trade and Investment Promotion Institute, and 13 cities in Guangdong briefed the latest investment policies.

Multinational corporations favor GBA development opportunities

"We at BASF are convinced that China's rapidly growing chemical industry remains the world's largest market, and Guangdong is the economic growth engine and powerhouse of this fast-growing market," said Markus Kameith, Chairman of the Board of Executive Directors of BASF SE, at the Conference.

He praised the governments at various levels in Guangdong for their attentive listening to and support of enterprise needs. "The fact that we will be able to operate our Zhanjiang Verbund site with 100% electricity from renewable resources by 2025 is evidence of a high level of industrial understanding and far-sighted support from various levels of government and departments in Guangdong Province."

Markus Kameith was also impressed by Guangdong's comprehensive innovation capability, which has ranked first in China for seven consecutive years. "This enhances our confidence in continuously expanding our research and innovation presence in this region."

Kuok Khoon Hong, Chairman of Wilmar International, introduced that Yihai Kerry Group, their wholly-owned subsidiary in China, achieved a production value of RMB 35.7 billion and a revenue of RMB 44.5 billion in Guangdong in 2023. He attributed its successful operations to Guangdong's fair, open and pragmatic business environment.

Kuok Khoon Hong added that they aim to create an innovative new model of a central kitchen in the GBA and continue to closely align with the planning of the GBA in areas such as deep processing of grain and oil, and healthy functional foods.

Darren W. Woods, Chairman and Chief Executive Officer of ExxonMobil, stated that their establishment in the region was not by chance but rather indicative of the potential of the GBA to develop into a significant regional and global economic hub, due to the joint endeavors of Guangdong, Hong Kong, and Macao.

He believes that Guangdong has a stable and foreign investment-friendly business environment, which is the reason for their significant progress in business in China, especially in the GBA. 

"This pro-business approach in Guangdong is evident in the infrastructure, public facilities, and the implementation of laws and regulations that offer companies like ours confidence and predictability," Darren W. Woods added.

Statistics show that projects from the previous two investment promotion conferences have accelerated their implementation, with a commencement rate of 76.8% and completed investment exceeding RMB 1 trillion.

(cnbayarea.org.cn & GDToday)