The Bureau of Commerce of Zibo City, Shandong province and the China-US Chamber of Commerce (CUSCC) co-hosted a Machinery Industry Investment Conference in New York City on Oct 3.
Shi Zhiquan, deputy secretary general of Zibo government, said he hoped the conference would help engender a deeper mutual understanding between the US and Zibo.
"Zibo is an important industrial city with solid economic strength in Shandong province," said Shi. "We offer advantages to investing in our machinery industry."
Members of the Economy & Trade Delegation of Zibo City also attended the conference, including: Dong Cunliang, chairman of Zibo Machinery Industry Association; Hu Anxiu, chairman of Shandong Tongli Electromechanically; Wei Xianghai, chairman of Zibo Yifeng Mechanical Engineering; and others.
During the conference, delegation members introduced their companies to New York investors and potential business partners in the market for both outbound and inbound investments.
Norman Echeverri, president of the Industry Development Corporation, said the conference provided a lot of useful information.
"I am interested in some of the businesses (which delegation members introduced)," said Echeverri. "Meanwhile, I would like to propose my business to them.
"I am so happy to be here, and looking forward to future relationships," he added.
Conference organizers showed a promotional video that introduced Zibo's advantages and potential for future foreign investments. The key industries of the city include petrochemicals, pharmaceuticals, automobiles and auto accessories, equipment manufacturing, new materials and modem logistics and services.
Mao Zhongqiang, chairman of the China Council for Promotion of International Trade Zibo Sub-Council said with an improving macro-economic outlook, investors are paying more attention to investing in China. Zibo is seeking win-win investments and acquisition opportunities for both sides.
Zibo has established sister-city relationships with 11 overseas cities. A large number of well-known international companies have established branches in Zibo, including Siemens from Germany, Eastman from the US, and Metso Paper from Finland.
According to statistics from Beijing Axis Capital, a China-focused international advisory and procurement firm, in the first half of 2013, foreign direct investment (FDI) into China increased by 4.9 percent compared to the first half of 2012. The trend is also seen in China's outbound FDI growth with the country becoming the fifth largest outbound investor in the world in 2012.