A logistics center of Nike is seen in Taicang, Jiangsu province. [Photo/WeChat account: taicangdaily]

Taicang in Jiangsu province is rising as a top business destination for foreign companies, local media reported on Oct 8.

According to the statistics from the commerce bureau of Taicang, the county-level city is currently home to regional headquarters of 27 of the world's top 500 multinational companies, 320 German enterprises, and over 3,500 foreign-invested enterprises.

The investment of foreign companies has accelerated the city's development of high-end manufacturing, new material, biological medicine, and modern logistics industries.

Cooperation with Germany gives Taicang the name of "a second home for Germany enterprises". [Photo/WeChat account: taicangdaily]

According to the commerce bureau, a total of 320 German enterprises have invested over $5 billion in Taicang and boast an annual industrial output of over 50 billion yuan ($7.04 billion).

The clustering effect has also incubated over 400 private enterprises who provides a full range of services for German enterprises.

To date, Taicang has registered over 3,500 foreign-invested enterprises with capitals from some 70 countries and regions.

In the first half of 2019, Taicang attracted $845 million of registered foreign capital, up 35.8 percent year-on-year.