Foreign guests are seen at the 2023 Wuhan Business and Investment Promotion Convention in Shanghai on June 19. [Photo provided to en.whkfq.gov.cn]
The 2023 Wuhan Business and Investment Promotion Convention took place in Shanghai on June 19, attracting over 150 representatives from Fortune 500 companies, major State-owned enterprises, leading foreign-funded and private firms, and chambers of commerce.
Sixty-four project agreements were inked during the event, with a projected value of up to 233.98 billion yuan ($32.99 billion). These projects involved next-generation information technology, auto-making and automotive services, high-end equipment, new energy, and life and health sectors.
Foreign companies that have invested in Wuhan shared what they have gained in the city, including Honeywell, a Fortune 500 manufacturing giant. In 1935, it started to target the Chinese market by establishing a branch in Shanghai. And 85 years later, Honeywell set up a subsidiary in Wuhan as its new headquarters and innovation center for the emerging market.
"Over the past three years, Honeywell has expanded its business scales in logistics for retail, smart manufacturing, healthcare, smart homes, and bulk commodity consumption. It has satisfied the demand from the market in Central and West China by giving full play to Wuhan's talent and market advantages," said Yu Feng, chairman of the company in China.
Ma Zheren, founder and CEO of Inceptio Tech Co, was impressed by the fact that the Wuhan Economic & Technological Development Zone (WEDZ) allocates 3 billion yuan annually to support corporate innovation and talent cultivation. Inceptio Tech also benefits from the policy.
