Fuzhou Trade Fair Sees US$330 Million in Signed MOUs
on First Day; City Moves to Attract More Foreign Investment
The Straits Technology Trade Fair in Fuzhou drew US$330
million in signed memorandums of understanding for investment
on its first day on May 18, according to Xinhua News Agency.
The number of individual MOUs signed were 25, according
to the report.
The Straits Technology Trade Fair is one of the two large
trade fairs held annually in Fujian province, the other
being the Xiamen Trade Fair. The word "straits"
in the trade fair name is a reference to the Taiwan Straits.
Fujian is opposite Taiwan, and Taiwan investors are the
single largest group of investors in Fujian province.
The fair is sponsored by the Fujian Provincial Government,
the China Council for the Promotion of International Trade,
and CITIC Pacific. There are more than 500 participating
companies, occupying 1500 booths.
Most of the investment projects are centered on production,
with the largest single investment being one of US$75
million for a zinc plating facility. Service investments
were also significant.
Although the number of foreign participants had been affected
by the SARS crisis, the Fuzhou city government decided
to go ahead with the fair in spite of concerns about the
number of participants.
In related news, the Public Security Bureau in Fuzhou
introduced new measures to attract foreign investment
and make travel easier for foreign citizens living in
the city. The new measures were introduced on May 16,
and took effect immediately.
The measures include two to five year multiple-entry
visas and long-term residence permits for foreigners living
in Fuzhou. Qualified candidates include management level
personnel (vice president or above) of foreign companies,
foreign personnel who perform free service and consultation
for the government, and foreigners of Chinese descent
who have come to work in China. In order to qualify, companies
must make an investment of more than US$3 million in Fuzhou.
Fuzhou (formerly Foochow) is the capital of Fujian province,
which faces Taiwan across the Taiwan straits. It is 334
miles northwest of Taipei and has a population of 1.4
million. It was opened to foreign trade in the 19th century
following the Opium War in 1842, and was known as one
of the treaty ports on China's eastern coast. It has a
large international port and duty-free bonded
zone .
The Ministry of Public Security is the Chinese equivalent
of the US's Homeland Security Department, and combines
security, customs and domestic travel oversight responsibilities.
Local bureaus of the Public Security Ministry work with
city, county and provincial governments to develop new
regulations to encourage and attract foreign investment
in China.
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