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Fortune smiles on Chengdu as forum concludes

By Li Fusheng | China Daily | Updated: 2013-06-10 02:14

Fortune smiles on Chengdu as forum concludes

Former NBA star Yao Ming and Andy Serwer, managing editor of Fortune magazine, discuss what constitutes world-class achievements at the Fortune Global Forum. Feng yongbin / China Daily

Global spotlight, $18 billion in deals from three-day event, Li Fusheng reports

Fortune has smiled on Chengdu now that the 2013 Fortune Global Forum drew to a close on June 8 in the western city of rising international renown.

Fortune smiles on Chengdu as forum concludes

The fruitful three-day event saw at least 74 business deals signed between the capital city of Sichuan province and Fortune 500 companies or large multinationals with the combined value surpassing 112 billion yuan ($18.26 billion).

Of them, 12 major projects worth 25.6 billion yuan were sealed on June 7 at a contract signing ceremony held at the city's Jinjiang Hotel.

Semiconductor design and manufacturing company Texas Instruments announced its long-term strategy for manufacturing facilities in Chengdu in conjunction with officials of the Chengdu High-Tech Industrial Zone at the ceremony.

Its future plans include a new assembly and testing operation and the expansion of its existing wafer fabrication factory.

TI's investment in the operation could total $1.69 billion over the next 15 years for more facilities, manufacturing equipment and land.

"The Chengdu High-Tech Industrial Zone has been an excellent location for TI's manufacturing investment in China. We believe this region offers significant benefits to TI and the more than 100,000 customers we serve," said Kevin Ritchie, senior vice-president of TI's Technology & Manufacturing Group.

Schneider Electric of France is planning to establish its first subsidiary for Southwest China in Chengdu.

Sam Chum, vice-president of Schneider Electric China, said the company will soon upgrade its representative office to a branch in the Chengdu High-Tech Industrial Zone as the market in western regions attracts more and more attention from the company's top management.

The branch's business will cover sales, management, coordination and service support and is planned to become a regional hub that could reach other cities in Sichuan province, Chongqing, and the Tibet autonomous region by the end of 2014.

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