Zhoushan, Zhejiang province saw an inflow of $98.7 million in foreign investments in the first two months of the year, a two-fold increase year-on-year and placing the city at 2nd place in the province in foreign investment growth.
"Our city's actual inflow of foreign investment in the first quarter is expected to surpass $150 million," said Yu Dongming, director of the city's business bureau, who added that Zhoushan's marine industry and oil and gas industry received the most money from foreign investors.
Statistics showed that the city's foreign investment so far this year centered around green petrochemicals, oil trade, and the marine industry. The oil and gas industry proved particularly attractive, accounting for around 70 percent of investment.
Wanbang Yongyue Shipbuilding Co in Putuo district is a national leader in environmentally-friendly shipbuilding. It has finished its domestic equity acquisitions and $78 million in foreign investment is expected to be put in place by next month.
Zhoushan has taken a variety of measures to attract foreign investment despite the outbreak of COVID-19.
For example, it has held online fairs and conferences, streamlined procedures for company registration, and established green channels for the approval of foreign projects.
In addition, the city's business bureau has visited a number of major foreign companies to help them resume operations.
"We aim to attract $400 million in foreign investment this year," said Yu.
To achieve this target, the city has decided to focus on its key industries and on advanced technology, and is hoping to attract investment from Fortune Global 500 companies such as Saudi Aramco and Honeywell.