REGIONAL> Development
Enterprises seek opportunities in Qingdao
By Chen Weihong (China Daily)
Updated: 2009-05-26 14:43

Qingdao foreign business has been on the rise this year, with 132 foreign-funded enterprises increasing their investment, totaling $365 million in the first four months of the year. The increase in enterprises has been a new highlight of Qingdao’s utilization of foreign investment, according to statistics from the Bureau of Foreign Trade and Economic Cooperation (BFTEC) in Qingdao.

The export growth of shoes, agricultural products, clothes, and textiles led the city’s total export volume to increase by 3.5 percent compared with the same period last year.

Although Qingdao’s shoe manufacturing industry has been under great pressure due to the financial crisis, exports have increased by 19.9 percent over the past four months.

Two local Korean-funded enterprises, Qingdao Changxin Shoes Industry Co Ltd and Qingdao Shiyuan Shoes Industry Co Ltd, stepped up their investment by $31 million. The two enterprises registered an export volume worth $120 million and $72.68 million respectively last year.

According to the BFTEC, shoe products are one of the key exports of Qingdao, which saw exports of $996 million last year, a 5.4 percent growth year-on-year.

China Daily Shandong Bureau