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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 China–Germany 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.
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International Islamic Trade Finance Corporation (ITFC) launches landmark Trade Connect Central Asia+ (TCCA+) Program at the 3rd Tashkent International Investment Forum
TCCA+ is a pioneering regional economic cooperation initiative spanning Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan
The Program aims to contribute, through trade and investment development, to the achievement of inclusive economic growth, regional economic cooperation and promote trade, among the OIC member countries in the Central Asia OIC member countries and Azerbaijan, and with the rest of the world
TASHKENT, Uzbekistan, May 2, 2024 /PRNewswire/ — The International Islamic Trade Finance Corporation (ITFC), member of Islamic Development Bank Group, is delighted to announce the launch of its newest flagship Trade Connect Central Asia+ (TCCA+) Program at the 3rd Tashkent International Investment Forum.
The aim of the Program is to facilitate economic growth and regional economic integration amongst the six Organisation of Islamic Cooperation (OIC) member countries in the Central Asia region, namely Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan plus Azerbaijan.
The region boasts one of the world’s largest energy resources and significant production capacities in energy and agriculture. However, current regional trade among these markets has not yet reached its full potential. With a focus on increasing regional trade and diversifying the export base towards higher value-added products, the TCCA+ Program is expected to contribute to inclusive and sustainable economic growth, as well as regional economic integration among the six targeted countries. This will be achieved by boosting export and investment capacities, enhancing competitiveness, and promoting trade initiatives and regional value chains, thus unlocking intra-regional trade and investment potential. Additionally, the Program seeks to promote increased trade among the OIC member countries in the region and with the rest of the world.
The TCCA+ Program was unveiled during a prestigious roundtable event, in the presence of esteemed ministerial representatives from beneficiary countries. Eng, Hani Salem Sonbol, CEO ITFC and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) was joined by esteemed dignitaries including H.E. Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan; H.E. Serik Zhumangarin, Deputy Prime Minister of Kazakhstan; Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan; Serdar Jorayev, Minister of Finance and Economy of Turkmenistan; Solehzoda Ashurboy, First Deputy Minister, Ministry of Economic Development and Trade of the Republic of Tajikistan; Dr. Rupa Chanda, Director of the Trade, Investment and Innovation Division of ESCAP; Ibrahim Shoukry, Head of IsDB Regional Hub Almaty, Kazakhstan; and Sanzharbek Bolotov, Deputy Minister, Ministry of Economy and Commerce of the Kyrgyz Republic. Simon Quijano-Evans, Chief Economist at Gencorp Capital, moderated the event, attended by multilateral financial institutions, international development agencies, international and regional organisations and agencies active in the region, and senior representatives from key public and private institutions in OIC member countries.
The TCCA+ Program was explicitly designed for the region and tailored to the specific needs of the six targeted countries. Prior to the launching, a focal points meeting and program validation workshops were held in Istanbul, Türkiye, and Baku, Azerbaijan, in October and December 2022, respectively, to align with and validate the objectives of the Program with the needs of the 6 targeted countries. At last year’s Tashkent International Investment Forum, ITFC also organised the TCCA+ Program Development Partners Roundtable to ensure the active involvement, engagement and collaboration of all development partners and relevant stakeholders.
As a key partner and sponsor of the Tashkent International Investment Forum 2024, ITFC has further demonstrated its commitment to supporting economic growth and fostering regional cooperation.
In his statement at the launching, Eng, Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD, said:
“We are immensely proud to launch the TCCA+ Program, which represents a significant step forward in enhancing economic cooperation and boosting trade across the Central Asia region and beyond. This initiative is designed to unlock the vast economic potential of the region by facilitating increased regional trade and investment. With a focus on the energy and agriculture sectors, we are committed to fostering sustainable economic growth and regional integration that benefits all member countries involved.”
The Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov, was quoted saying:
“We are honoured to host the launch of this transformative economic initiative, following the development and progress made at last year’s Forum. We are united with ITFC in our shared goal to unlock the immense investment potential in Uzbekistan, and strongly support their efforts to drive economic prosperity across the wider region.”
About the International Islamic Trade Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
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LANCY, Switzerland, May 2, 2024 /PRNewswire/ — Everest Trust, a leading online brokerage firm, has recently announced the launch of its premium account offerings. These exciting new accounts offer experienced and high-volume traders unparalleled control and enhanced features to reach their financial summits.
“We understand that successful traders have specific requirements,” says Emily-Rose Hawthorn, a spokesperson for Everest Trust. “The premium accounts are crafted to cater to those who seek more from our trading platform. We’ve empowered these individuals with the necessary tools, resources, and support to navigate the ever-evolving financial landscape and make informed decisions.”
Premium features for peak performance
Everest Trust’s premium accounts exceed the standard conditions offered in their primary accounts. Premium account holders will enjoy a multitude of benefits aimed at elevating their trading journey. Here’s a glimpse of what traders can expect.
The broker provides customized spreads, swap rates, and custom leverage options, allowing users to optimize their strategies and potentially retain a more significant share of their profits. Members also benefit from personalized guidance and support with two dedicated, 30-minute weekly consultations with an account manager with extensive market expertise. This ensures traders always have a trusted advisor by their side to remain informed and equipped to make sound decisions.
Everest Trust elevates the trading experience further with exclusive features like weekly trading signals, access to trade-exclusive events and limited credit allocation for qualified clients. The importance of risk management is addressed, with risk management tools and strategies provided by them to minimize the impact of market volatility. Additionally, select members enjoy the peace of mind that comes with limited insured positions, offering a safety net for their investments.
“We are confident that the premium accounts will be instrumental in propelling our customers towards success,” emphasizes Hawthorn. “By bringing a customized and results-oriented workplace, Everest Trust is committed to unlocking new avenues for growth for traders.”
About Everest Trust
Everest Trust is an online investment platform that allows individuals of all backgrounds to participate in the financial markets. The brand delivers a secure and reliable solution for investors to grow their wealth with a user-friendly platform, a comprehensive suite of trading tools, and a wide variety of financial markets available to trade. The introduction of premium accounts underscores its dedication to catering to the evolving needs of all clients, from novice to pro.
Website: https://www.everestrust.com/
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- The collaboration enables Checkout.com’s customers to access the Mastercard Wholesale Program, unlocking reduced costs and higher conversion rates
- The partnership supports Online Travel Agencies (OTAs) and other travel sector businesses that use cards to make B2B payments, as the market is forecast to reach $1.5 trillion in revenues by 2027[1]
- The partnership follows Checkout.com’s launch last year of Issuing in the UK and Europe, enabling brands to issue, process, and manage card programs, and combine with acquiring to fund cards efficiently
LONDON, May 2, 2024 /PRNewswire/ — Checkout.com, a leading global digital payments provider, today announces a partnership with Mastercard to bring virtual cards to Online Travel Agents.
As part of the Mastercard Wholesale Program, which reduces costs for travel businesses through virtual card technology and an innovative pricing model, customers of Checkout.com will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards.
“Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and protection. Over 400,000 travel providers worldwide already rely on us to enable payments through the Mastercard Wholesale Program, and we’re thrilled to be collaborating with Checkout.com to support their customers to embrace the next generation of payment solutions for B2B travel” said George Simon, EVP, Market Development, Mastercard Europe.
“We’re delighted to partner with Mastercard to complement our virtual card issuing solution, enabling Online Travel Agents to unlock new revenue streams and deliver a connected customer experience. Together we’ll offer higher payment performance to travel merchants by combining the Mastercard Wholesale Program with our single integration connecting acquired sales to issued cards, which unifies acquiring and issuing, for better cash flow management”, said Meron Colbeci, Chief Product Officer at Checkout.com.
By combining acquiring and issuing, Checkout.com helps Online Travel Agents move seamlessly from receiving customer payments to paying suppliers. Traditionally, Online Travel Agents had to manage these two sides of their business separately, which can lead to inefficiencies and increased potential for error. Checkout.com’s integrated solution ensures a seamless flow from customer payment acquisition to supplier payouts, turning what used to be a cumbersome process into a cohesive, streamlined operation. In turn, this deepens trust and relationships within the ecosystem.
Notes to editors:
To learn more, please visit our website here.
For more information on Mastercard’s Embracing a virtual future for B2B travel payments report, SEPTEMBER 2023; www.mastercard.com/global/en/business/large-enterprise/mastercard-enterprise-partnerships/b2b-travel-solutions/global-wholesale-travel-whitepaper.html
About Checkout.com
Checkout.com offers a high-performance, cloud-based payments platform that transforms payments into a significant revenue source for enterprises and scaling businesses. Its technology is built for flexibility, scalability, and efficiency, enabling seamless processing of payments, payouts, and card program management. Checkout.com is headquartered in London, with offices in New York, Paris, Dubai, Hong Kong, and other locations across six continents. Customers include global OTAs such as Reward Gateway, Hopper, Grab, Flyin and Dott.
Checkout.com. Where the world checks out.
[1] Phocuswright, U.S. Online Travel Agency Market Report 2021–2025, March 2022.
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