Shen Mi, Party chief of Taicang, meets the German business delegation led by Professor Hermann Simon on Oct 18. [Photo/WeChat account: tcfbgw]

A delegation of company representatives and experts from Germany made a visit to Taicang, southeast Jiangsu province, on Oct 18, to discuss the future development prospects of the city.

The delegation was led by Professor Hermann Simon, founder and honorary chairman of Simon-Kucher & Partners Strategy and Marketing Consultants, and author of the worldwide bestseller Hidden Champions.

Co-hosted by the Ministry of Commerce and Taicang municipal government, the event also saw representatives from several 'hidden champions' in Germany, who were invited to the event to share their insights on Taicang's future development.

The term, as is defined by Professor Simon, refers to companies that are among the world's top three in their respective fields but are less known by the public, with annual revenue of no more than 5 billion dollars.

Business experts, company representatives and government officials from both countries held in-depth discussions on ways to develop environmental-friendly business, smart manufacturing and urban construction.

Both sides extended a wish for deepening bilateral cooperation in these fields for mutual benefits.

Professor Simon offered his encouragement for Taicang companies to further go global, adding that they may look to some small and mid-sized German cities with a strong industrial capacity to settle in, in addition to large metropolises.

"A company must have a high ambition, stay attuned on the latest industry trends, and stick to the globalization strategy if it wants to be a hidden champion," said Professor Simon at the meeting.