Japanese auto parts industry "combines" to Foshan

At the 2004 China Foshan (Japan) Investment Promotion Conference, it was revealed that 17 of the world’s top 500 companies have already established operations in Foshan, Guangdong, with a combined investment of $307 million. The conference saw the signing of 53 new projects, totaling $615 million in investment. A major focus of the event was the auto parts industry, which attracted 21 projects worth $324 million. Among the deals, 28 projects exceeded $10 million in investment, contributing $542 million—nearly 88% of the total. Notably, Japan's Toshiba Carrier and Virgin Water Co., Ltd. partnered to invest $48.2 million in Guangdong Midea Refrigeration Preparation Co., Ltd. Meanwhile, Japanese company Toyoda Gosei, Toyota Tsusho, and Taiwan's Fung Yuk Co., Ltd. jointly invested $29 million to set up Toyoda Gosei (Foshan) Automotive Parts Limited. According to Liang Shaolu, mayor of Foshan, the city, as the third-largest in Guangdong Province, achieved a GDP of 138.139 billion yuan in 2003, reflecting a 16.1% year-on-year growth. Foshan is a key production hub for household appliances, digital optics, new materials, and biomedical industries. Over 6,000 foreign enterprises have chosen to operate in the city, with cumulative foreign investment reaching $14 billion. The latest round of investment projects primarily targets the auto parts, home appliance, and digital optics sectors, showcasing strong industrial clustering effects. (Yao Binhua, Zhu Wenfeng, Nan Cebing) – *South China News*, October 14, 2004, Page 1.

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