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Tianjin Encourages Overseas Processing Industry
This north China port city will accelerate its opening up pace by developing its overseas processing industry.
Li Min, of the Tianjin Municipal Economic and Trade Committee, said the local government will encourage local enterprises to develop the processing industry overseas, aiming at the concrete needs of other countries, thus helping increase the city's exports of machinery, technology and raw materials.
All kinds of enterprises, including joint ventures, individual economic units and State-owned enterprises, will be allowed to invest overseas if they meet the set requirements.
Local officials explained that the effort was expected to cool down the overheated competition in some processing industries in the city and to introduce mature processed produce to foreign countries.
The key industries encouraged to expand their businesses overseas are machinery, automobiles, chemicals, metallurgy, textiles and garments, building materials and food processing.
In the meantime, Tianjin welcomes overseas investment in biotechnology and pharmaceuticals, new energy, and electronics and information.
The city will put those countries with either a strategic position or with a great market potential top on the list for consideration. Ongoing projects in Egypt and Cuba are the main focus. Africa, Central and Western Asia, Eastern Europe and South America are also eyed, for their abundant natural resources and undeveloped processing industrial sector.
A data bank on overseas processing projects for related studies and procedure simplification will be set up to help interested enterprises.
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