Swedish corporation Hexagon to continue investment in Chinese market

Hexagon AB, the Swedish multinational corporation for metrology and geo-analytics, will continue to increase its investment in the Chinese market and incubate more innovative companies to contribute to China's economic growth, said a senior executive during the ongoing Sixth China International Import Expo in Shanghai.

After investing 5 billion yuan ($687 million) to build an industrial base to produce its latest industrial equipment in Shenzhen, Guangdong province in 2022, Hexagon will work with local governments to build dual-intelligence empowerment centers in more Chinese cities to drive the development of the local industrial chain, said Aime Alexandre, the group's vice-president for global marketing and communications.

"At the same time, we have set up Sixth Sense, an open innovation platform to help incubate a large number of high-tech Chinese companies, such as Beijing-based Huixin Quanzhi Gongye Hulian Keji Co Ltd and Haiyuan Liheng (Qingdao) Medical Instrument Co Ltd to reach more technical breakthroughs," said Alexandre.

Speaking at a pavilion during the Sixth edition of the CIIE, the executive said that, with more than two decades of growth, China has become one of the most important markets in Hexagon's global strategy. The group's China business currently is focusing on the two fields - smart manufacturing and smart city - serving more than 40,000 customers in 29 industries such as aerospace, automotive and healthcare.

Showcasing its latest products and technology solutions in an exhibition area of 600 square meters during the CIIE this year, Alexandre stressed that China's openness to promote global trade cooperation and business model innovation has played an important role in strengthening the traction of trade on the global economy.

"The Chinese path to modernization will create unprecedented growth potential and market demand. Hexagon will continue to expand our business in China and share the development opportunities in the Chinese market," he added.

A survey conducted by the China Council for the Promotion of International Trade revealed in late October that nearly 90 percent of foreign companies operating in China expect their profits to remain stable or increase over the next five years. Many of them identified local technological innovation as the primary growth opportunity.

Supported by 24,000 employees in 50 countries and regions, Hexagon's global business had grown from 500 million euros ($535.7 million) in 2000 to 5.2 billion euros in 2022.