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 total investment of $307 million. The event saw the signing of 53 new projects, amounting to $615 million in total investment. Among these, the auto parts industry stood out as a major highlight, with 21 projects signed in this sector, totaling $324 million. Notably, 28 of the projects exceeded $10 million each, contributing $542 million — nearly 88% of the overall investment. Several large-scale joint ventures were announced during the conference. For instance, U.S.-based Toshiba Carrier and Virgin Water Co., Ltd. from Japan jointly invested $48.2 million to set up Guangdong Midea Refrigeration Preparation Co., Ltd. Meanwhile, Japanese firm Toyoda Gosei, Toyota Tsusho, and Taiwan’s Fung Yuk Co., Ltd. partnered to invest $29 million in establishing Toyoda Gosei (Foshan) Automotive Parts Limited. According to Liang Shaolu, Mayor of Foshan City, the city — the third-largest in Guangdong Province — achieved a GDP of 138.139 billion yuan in the previous year, reflecting a 16.1% year-on-year growth. Foshan is a key production hub for household appliances, digital optics, new materials, and biomedical industries. To date, over 6,000 foreign enterprises have established themselves in the city, with accumulated foreign investment reaching $14 billion. The projects announced at the conference are primarily focused on three core industries: auto parts, household appliances, and digital optics, showcasing a strong industrial clustering effect. These developments underline Foshan's growing appeal as a strategic investment destination in southern China. (Yao Binhua, Zhu Wenfeng, Nan Cebing) — *South China News*, October 14, 2004, Page 1.

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