The parallel sessions of the seventh Guangzhou Annual Investment Conference and the 2021 Foshan Investment Promotion Conference were staged simultaneously in Guangzhou and Foshan on March 30, bringing together more than 200 guests from the two host cities. 

Guangzhou and Foshan, with a combined GDP of more than 3 trillion yuan ($457 billion), have taken a major step towards attracting more foreign direct investment (FDI).

The conference witnessed the signing of eight investment projects with a total value of over 7 billion yuan. These included Wanyang Science and Technology Innovation Park, Liandong U Valley•Guicheng Headquarters Economic Port, Guangdong Owente Electric and the Krypton Fund Strategic Cooperation Project. 

In recent years, Guangzhou has put intensive efforts into develop its advanced manufacturing and modern service industries, and has put emerging industries including the information industry, artificial intelligence, biomedicine, new energy, new materials, and the digital economy high on its agenda. 

In Foshan's case, it is known as a leading force in advanced equipment manufacturing. Built on this solid industrial foundation, Foshan is expected to scale new heights. Last September, the two cities signed the "Strategic Cooperation Framework Agreement on Establishing a Global Joint Investment Promotion Mechanism in Guangzhou and Foshan", according to which more investment will be guaranteed for 4-trillion-yuan industrial clusters in local regions.

"Over the past six months, we have worked closely under the framework agreement to develop a new development pattern where Guangzhou and Foshan's economic growth is underpinned by innovation," said Wu Wenzhi, deputy secretary general of the people's government of Foshan. "What we have achieved at this conference was definitely the result of our partnership." 

"We are convinced that the complementarity between the two cities is bound to create endless possibilities for the market and for our industries," added Wu Linbo, deputy secretary general of the people's government of Foshan. "Thus, our industrial chain, or value chain, will be more complete and resilient, so as to foster a highly competitive internal circulation."

In addition to investment promotion, the two cities are also experimenting with a new pilot zone for regional integration - Guangfo Bay. This was announced earlier this week in the International Consultation for the Conceptual Planning and Urban Design of Guangfo Bay Plan, which kick started its development. It is a groundbreaking effort to develop new integrated development models for Guangzhou and Foshan.

During the conference, Li Jie, deputy director of the foreign cooperation bureau of Foshan Sanlongwan High-end Innovation Cluster, also gave an address on the area's investment environment. 

Sanlongwan has grown into a new economic flagship in Guangzhou-Foshan area, supported by projects such as Joyy Group Industrial Headquarters, Huya Global R&D Headquarters and Foxconn's Foshan "Smart Valley".

As a major manufacturing town, Foshan has also made more progress in forming new development carriers through urban renewal. As outlined by Wu Wenzhi, Foshan has planned three years of renovations of its village-level industrial parks, a prerequisite for sustainable business growth. 

According to Wu Huiying, deputy director of the Foshan municipal bureau of commerce, Foshan will keep a firm grasp on its close contact with Guangzhou to attract FDI on all fronts. "We will keep our partnership well in the context of the RCEP and the China-Europe Investment Agreement, pace up the building of an external circulation, featuring higher business levels and a greater degree of initiative. We wish to live up to everyone's expectations of Foshan as a strong "pole" in the Guangdong-Hong Kong-Macao Greater Bay Area," Wu said.