Shandong Overseas Investment of Textile Industry Increase Rapidly (China)

It is reported from the Department of Commerce of Shandong Province, the overseas investment of the province grew rapidly in May, with newly-approved Chinese-invested enterprises (organizations) abroad and the amount of overseas investment rose respectively 44% and 153% year-on-year. In the January-May period of this year, Shandong approved Chinese enterprises to set up 148 branches abroad with a total investment of US$ 990 million, up respectively 49% and 182%.

In May alone, Shandong Province approved to set up 36 enterprises (organizations) abroad with a total investment of US$ 180 million. Linyi Aomei Textile Co., Ltd. becomes the first Shandong-based textile company to invest in Taiwan. It invests US$ 26.35 million worth of gray fabric to hold 30% share in Taiwan U-long Hi-tech Textile Co., Ltd.

Asia remains the key destination for Shandong´s overseas investment. In May, Shandong Province approved to set up 21 enterprises (organizations) in Asia with a total investment of US$ 86.65 million, accounting for 58% and 49% respectively in total.