Taiwan, Shanxi share more business opportunities
More Taiwan enterprises and investors have channeled funds and started up businesses in North China's Shanxi province in recent years, sharing the province's rich development opportunities.
Recently, Shanxi investment promotion representatives and some 20 Taiwan entrepreneurs participated in an online video meeting about the Cross-Straits (Taiyuan) Industrial Park, ushering in another big opportunity for Taiwan businesspeople to invest in Shanxi.
The Cross-Straits (Taiyuan) Industrial Park – located in the provincial capital city of Taiyuan – is a facility especially built for Taiwan businesspeople. It undertakes the industries transferring from the Yangtze River Delta region and the Pearl River Delta region – such as advanced manufacturing, new materials, semiconductors and the new generation of information technology.
It is also attracting service industries, the digital economy and modern logistics, which are all competitive sectors of Taiwan.
Yang Junmin, deputy director of Shanxi Taiyuan-Xinzhou Integrated Economic Development Promotion Center, said the industrial park – located in the Taiyuan-Xinzhou Integrated Economic Zone – is a key development area with huge future investment potential in Shanxi.
The park will support the participation of Taiwan businesspeople in its construction and industrial planning. What's more, it will encourage them to invest in infrastructure construction and municipal public utilities through sole proprietorships, joint ventures and cooperation, according to Zhang Xiaosheng, deputy director of Shanxi Department of Commerce.
Zeng Xinhui, a senior Taiwan businessman and president of Association of Taiwan Investment Enterprises in Taiyuan, has witnessed Shanxi's transformation over the past few years, as well as its growing business opportunities in all walks of life.
Since the reform and opening-up, the economic and trade exchanges between Shanxi and Taiwan have been particularly active and Taiwan has become an important trading partner of Shanxi.
By the end of 2021, Taiwan businesspeople had invested in over 70 enterprises in Shanxi, with a registered capital of nearly $4 billion and more than 60,000 employees.
Their business scope has spanned seven major industries – including mining, agriculture, manufacturing, wholesale and retail, leasing and business services, scientific research and technical services and health. In addition, more than half of their enterprises have been engaged in manufacturing.
This is widely said to have played a vital role in boosting the industrial development of Shanxi.
One example is the Foxconn Taiyuan Science and Technology Industrial Park in Taiyuan. It was funded by the Foxconn Technology Group – the world's largest contract electronics manufacturer from Taiwan – and has created nearly 50,000 jobs.
In 2021, the industrial park generated industrial output value worth 105.98 billion yuan ($15.72 billion) and foreign trade worth $17.35 billion – making it the leader of its kind in the province.
Yang Chunquan, director of the Shanxi Investment Promotion Bureau, said Shanxi is willing to invite Taiwan businesspeople, investment associations and enterprises to conduct business trips and negotiations. Yang added that it will offer more development opportunities, premium services and an excellent business environment for those willing to invest in Shanxi.