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November 20, 2009

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Home » Business » Economy

German state seeks Chinese capital

NORTH Rhine-Westphalia, Germany's richest state which houses several business giants, including Bayer, Bertelsmann and Deutsche Telekom, extended a red carpet to Chinese investments yesterday.

"The Chinese market is strategically important for us, and it is the same with Chinese investments," said State Premier Jurgen Ruttgers in Shanghai. The city was the fourth stop in the campaign to woo Chinese investments to the state after Beijing, Nanjing and Shenzhen earlier this year.

Petra Wassner, chief executive officer of NRW.INVEST GmbH, a state-owned agency to market the state, said Chinese investors in advanced industries such as environment protection technology, renewable energy and big machinery equipment production, are encouraged to seek business opportunities and cooperation in NRW.

Located at the heart of Europe and with a population of 18 million, NRW generates more than 20 percent of Germany's gross domestic product and is the top investment location in Europe's largest economy.

The state's strengths include its capability in research and development, skilled work force, competitive tax system and good living environment, Wassner said.

More than 600 Chinese companies are present in NRW. The number of Chinese businesses there jumped 30 percent last year from a year earlier, while more than 2,700 enterprises based in NRW have branches in China.

China has been encouraging domestic firms to "go global" and actively seek overseas investment opportunities. China's outbound investment rose 0.5 percent from a year earlier to US$32.9 billion in the first nine months, with US$20.5 billion going out in the third quarter, according to the Ministry of Commerce.


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