"Walking Davos" event attracts multinational companies to Hainan

HAIKOU, China, Feb. 21, 2023 /PRNewswire/ -- A news report from Hainan International Media Center (HIMC): 

On February 18, the three-day Hainan leg of the "Walking Davos" event concluded in Sanya in south China's Hainan Province.

Nearly 30 high-level representatives from Nestlé, Samsung, HSBC, Marriott International, Siemens Energy, and other well-known multinational companies were invited to take the pulse of the Hainan Free Trade Port (FTP) development on visits to key industrial parks in Haikou, Sanya, Qionghai, and Danzhou.

Chen Liming, Chairman of World Economic Forum Greater China, stated at the FTP policy promotion meeting that beyond its charming scenery and exceptional climate conditions, Hainan also boasts unique advantages in the form of FTP policies. "Actually, foreign-funded enterprises have been paying close attention to the development of the FTP, especially its preferential policies and industrial prospects," said Chen.

Having conducted surveys in the Jiangdong New Area and National High-tech Industrial Development Zone in Haikou, the Boao Lecheng International Medical Tourism Pilot Zone in Qionghai, the Central Business District and Yazhou Bay Science and Technology City in Sanya, and the Yangpu Economic Development Zone, many representatives were already seriously considering substantial expansion into the Hainan market and capitalize on the FTP's prospects.

Charles Shi Zhenchun, General Manager of Universal Theme Park & Resort (China), was impressed by the FTP preferential policies: "The FTP's zero-tariff policies on the import of production equipment and raw materials, as well as the 15% individual income tax (IIT) rate cap for personnel with high-end and urgently-needed skills, are a huge magnet for foreign investment."

According to Zhang Tiangui, Senior Vice-president of Siemens China, the layout of Yangpu's smart equipment manufacturing industry is a big draw for the company, which is dedicated to providing services and equipment to the power sector globally. Zhang added that his company would consider establishing a base in Yangpu to serve the Chinese mainland and Southeast Asia markets.

The business environment in Yangpu also caught the eye of Zhou Hongwei, Vice president of the Dech Holdings Group, a Wuhan-based international trade firm. Zhou said that his company would explore more cooperation opportunities with Yangpu.

The "Walking Davos" surveys and government-enterprise exchange meetings, initiated by the National Development and Reform Commission (NDRC) and the World Economic Forum in 2020, have been held in Zhejiang, Liaoning, Tianjin, Beijing, and other locations across China in the past years, providing a platform for exchanges and cooperation between local government and international enterprises.

Held in Hainan, which is on course to become the world's largest free trade area by the middle of the century, this year's "Walking Davos" offered overseas investors a glimpse of a more promising vista of the FTP and a chance to share in its prospects.