Global Automotive Enterprises Vie to Invest in SIP
With the entry of Tyco Electronics, a wholly owned subsidiary of the Fortune-500 Tyco International, in SIP on June 16, the number of auto parts manufacturing enterprises in SIP has increase to over 30.
When asked why Tyco chose SIP to set up its first plant in China, Mr. Gromer, Vice-chairman and President of Tyco Electronics, said that the location of customers is one of the considerations, but more importantly, the excellent investment climate and availability of talents in SIP have been a decisive factor.
A major cooperation project between the governments of China and Singapore, Suzhou Industrial Park has become a successful example of China’s opening up and international cooperation, thanks to the concerted efforts of the two countries in the past 12 years’ development and construction. SIP has so far approved 2,408 foreign projects with contracted investment of 25 billion USD. Over 50 from Fortune 500 have entered SIP, and there are more than 60 projects with investment amount of 100 million USD each.
Automotive industry has risen as a highlight of investment in SIP. Bosch Group, a world leader in automotive technology, consumer goods, and intelligent construction technology, has announced plans to expand production facilities in Suzhou, and in the next two years, its total investment will amount to 100 million Euros. Currently, auto parts industry has acquired considerable scale in SIP.
June 16, 2006