Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

County-level city in East China becomes hot destination for German investment



BEIJING, April 19, 2024 /PRNewswire/ — A report from People’s Daily: The number of German companies in Taicang, east China’s Jiangsu province reached 500 as Beumer Group settled there earlier this year.

During the past three decades, Taicang has consistently seized business opportunities with the German companies based there and created an optimal business environment for them and its successes have been recognized by the authorities in both countries.

In November 2008, Taicang was named a “Sino-German Enterprise Cooperation Base” by China’s Ministry of Commerce and by Germany’s Federal Ministry for Economic Cooperation and Development and remains the only city to be recognized that way by both sides.

Why can this county-level city attract numerous German companies to settle and thrive there?

The sound business environment and professional services that Taicang offers are one of the secrets to the city’s appeal. “Meticulous government services” and “unimpeded communication between the government and enterprises” are the most frequently mentioned terms by German enterprises in Taicang when they speak of the city’s business climate.

Jan Assmann, general manager of the Taicang company of Bernstein, a leading supplier of industrial safety and enclosure technology from Germany, has been living in Taicang for nearly 20 years. He told People’s Daily that the government of Taicang has provided abundant favorable policies for German enterprises and the business environment there is getting better and better.

He believes German companies flocking to Taicang has created a cluster effect. For example, automotive parts manufacturers settling in the city have attracted machine tool manufacturers, which then attracted mold manufacturers. In this way, Taicang has gradually established an industrial chain and supply chain centered around automotive parts and machine tools, Assmann said.

The German Center Taicang was set up in the city in 2016, which provides one-stop business services for nearly 50 enterprises including those from Germany.

“We were attracted by Taicang’s excellent business environment and the professional services provided by the government,” said general manager of the center Marieke Bossek.

According to Bossek, Taicang High-tech Industrial Development Zone has assigned a service specialist to every German enterprise, who the enterprises can turn to for assistance whenever they encounter difficulties or challenges.

“This efficient service has left a deep impression on me,” she said.

In recent years, German companies in Taicang have strengthened their localization strategies, which not only advanced their own development, but also helped with the standardized and massive production of local enterprises. The rapid development of local suppliers has helped German companies reduce production costs and improve supply chain efficiency.

Chiron Group, a leading manufacturer of high-speed CNC machine tools, is considered an “hidden champion” in this industry. The group set up a factory in Taicang in 2012 and later moved its China headquarters to the city, said Willi Riester, chief technology officer of Chiron Machine Tool (Taicang) Co., Ltd.

“Our machine tools require extremely high precision, and it is essential to maintain close communication with both upstream and downstream customers. Thanks to the cluster effect of the ChinaGermany industrial parks in Taicang, the supply chain here is stable, allowing us to conveniently and swiftly obtain high-quality components,” Riester said.

Currently, over half of the German companies in Taicang place R&D locally, and over 90 percent of the early settlers have completed capital increases and expanded production. The average output value per mu (about 667 square meters) of German companies has reached 14 million yuan ($1.93 million).

At the end of 2023, the New Energy Phase II Factory of a manufacturing base of German manufacturer of rolling element bearings Schaeffler Group was officially inaugurated.

Matthias Zink, CEO Automotive Technologies of Schaeffler Group, noted that the group has expanded its investment in Taicang 13 times, which totaled over 11 billion yuan. Taicang has become one of the group’s largest manufacturing bases globally, Zink added.

Over the past 30 years of cooperation with Germany, the local government of Taicang has paid more and more emphasis to the exchange between Chinese and German cultures, providing a comfortable, well-built, and convenient business and living environment for German companies and their employees.

For instance, Taicang has built a Rothenburg Street, where German bakeries and restaurants can be found almost everywhere.

“The cityscape of Taicang is constantly improving, and the environment has become more beautiful,” Assmann said. “When I’m free, I often take a stroll with my family along the Haiyundi Road and the Rothenburg Street.”

Taicang also hosts events such as beer festivals, marathon races, Sino-German artist salons, and Sino-German table tennis tournaments on a regular basis. It has built service facilities like a Sino-German friendship kindergarten, attracting an increasing number of Germans to settle there.

A series of policies that China released recently have signaled the country’s determination to expand high-level opening-up. It has rolled out five new measures to simplify the process for foreign nationals seeking to visit China, revised the national version of negative list for foreign investment, and lifted all restrictions on foreign investment access to manufacturing.

It also put forward 24 specific measures to further optimize the foreign investment environment and intensify efforts to attract investment, and made continuous efforts to build a market-oriented and world-class business environment governed by a sound legal framework. These efforts are welcomed by German companies in China.

A recent report released by the German Institute for Economic Research showed that direct investment from Germany to China increased by 4.3 percent in 2023, reaching a record high of 11.9 billion euros ($12.79 billion).

Another report released by the German Chamber of Commerce in China earlier this year highlighted that over 90 percent of surveyed companies plan to continue their business operations in China, with 54 percent of them intending to increase their investments in the country.

“Since settling in Taicang in 2004, OASE has seen a continuous increase in actual investment,” said Shen Ya, general manager of Oase Living Water (Taicang) Co., Ltd.

“Over the past three years, our business has grown at an average annual speed of 30 percent. In the future, the group will continue to seize opportunities in China, increase investment in China, and deepen our presence in the Chinese market,” Shen added.

China’s commitment to expanding high-level opening-up has strong appeal to foreign-invested enterprises. As global economic recovery remains sluggish, China’s economy has shown a positive growth momentum. We hope that more German companies can seize the opportunity and continue to invest in China,” Assmann said.

 Photo shows a workshop of Chiron Machine Tool (Taicang) Co., Ltd. (Photo by Liu Zhonghua/People's Daily)

Photo –
Photo – 

Cision View original content:

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

United Payment secures e-money licence in Azerbaijan




United Payment Secures E-Money Licence from Central Bank of Azerbaijan

Fintech company United Payment has proudly announced that it has secured an e-money licence from the Central Bank of Azerbaijan. This significant milestone marks United Payment as the first Turkish company to receive such a licence from the Azerbaijani central bank. With this approval, United Payment, which has been serving the region since 2021, can now offer enhanced capabilities including account opening, electronic money solutions, virtual POS services, and national and international money transactions within the legal framework.

Expanding Regional Presence

Beyond Azerbaijan, United Payment is active in Georgia, Romania, England, and Turkey. The new e-money licence will enable the company to further promote financial inclusion, expand digital payment channels, and advance cashless payment solutions in the region. As part of its expansion, United Payment is set to begin offering payment services through the Turan mobile application.

Strategic Development Goals

United Payment aims to provide comprehensive financial solutions to a diverse clientele, including banks, multinational corporations, small and medium-sized enterprises (SMEs), municipalities, and other fintech companies. The firm is dedicated to broadening access to financial instruments and enhancing financial inclusion in the regions it operates.

According to United Payment officials, the new e-money licence will not only allow the company to continue its operations in Azerbaijan but also expand its service offerings. Given the strong social and economic ties between Turkey and Azerbaijan, United Payment aims to solidify its market position in Azerbaijan. The company plans to offer a variety of services under regulatory compliance, including opening payment accounts, electronic and cash collections, credit collections, transactions with payment cards and similar systems, QR payments, money transfers, and e-money account services.


The post United Payment secures e-money licence in Azerbaijan appeared first on HIPTHER Alerts.

Continue Reading

Latest News

AXA named as an Official Partner of UEFA Women’s EURO 2025




AXA has proudly announced its support for the UEFA Women’s EURO 2025 as an Official Partner, furthering its sponsorship programme initiated in 2020. The prestigious event will take place in Switzerland from July 2 to 27, 2025.

Commitment to Women’s Football

This partnership underscores AXA’s dedication to promoting women’s football, building on its long-term support for the sport. Since 2020, AXA has been the main sponsor of the AXA Women’s Super League and the AXA Women’s Cup in Switzerland. By investing in women’s football, AXA aims to bolster women’s sports and promote its brand ethos, “Know You Can,” encouraging self-belief among its customers.

Statements from AXA Leaders

Fabrizio Petrillo, CEO of AXA Switzerland, expressed his enthusiasm, saying, “I’m so excited to support UEFA Women’s EURO 2025 together with other European AXA companies as a main sponsor. We are sending a strong signal and making a contribution to ensure that the players and fans can experience a great event and further strengthen women’s football. I’m looking forward to a fantastic summer of football in 2025!”

Volunteering Opportunities

The partnership includes more than just financial support. AXA employees will have the opportunity to volunteer during the tournament as part of the UEFA Women’s EURO 2025 Volunteer Programme, playing a crucial role in the event’s success.

Guy-Laurent Epstein, UEFA Marketing Director, commented, “AXA is a dedicated supporter of women’s football in Switzerland, so we are thrilled to partner with them for what will be an unforgettable UEFA Women’s EURO 2025. We look forward to working together to make this the can’t-miss event of next summer while also strengthening women’s football in the host country and throughout Europe.”

Enhancing Visibility for Female Players

Andreea Prange, Head of Customer Experience & Strategy at AXA Switzerland, added, “Promoting women’s football is a topic I hold dear to my heart. That’s why I’m delighted that AXA, as a partner of the UEFA Women’s EURO 2025, is also committed to increasing the visibility of female players at the international level.”

Tournament Details

Doris Keller, Tournament Director of UEFA Women’s EURO 2025, stated, “AXA, a long-time supporter and partner of women’s football in Switzerland and globally, is a perfect fit to become a global partner of UEFA Women’s EURO 2025. We look forward to collaborating with AXA on the UEFA Women’s EURO 2025 Volunteer Programme, as the 2,500 volunteers will play a highly essential and valuable role throughout the tournament welcoming everyone to the host country.”

The UEFA Women’s EURO 2025 will feature 16 teams competing in eight Swiss cities, attracting an estimated 500 million viewers worldwide and offering over 700,000 tickets for fans to attend the matches live.

Partnership Duration

The partnership between AXA and UEFA will continue until the end of August 2025. The financial terms of the sponsorship remain confidential.


The post AXA named as an Official Partner of UEFA Women’s EURO 2025 appeared first on HIPTHER Alerts.

Continue Reading

Latest News

Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact



REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change. 

“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.

For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”

In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing. 

Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform. 

The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.

Guðmundur Kristjánsson (GK)Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.” 

On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”



Cision View original content:—iceland-and-sustainability-and-social-impact-302156888.html

Continue Reading