Zhangjiagang Free Trade Zone in Suzhou, Jiangsu. [Photo/WeChat account: zhangjiagangfabu365]
Zhangjiagang Free Trade Zone is continuing to attract large numbers of foreign enterprises, establishing itself as a hub for open economy.
The FTZ's strategy includes providing professional services to assist companies in overcoming various challenges. This approach, coupled with constantly-updating measures in industrial collaboration, talent development, and business environment optimization, has helped foreign companies establish a strong presence.
Honeywell's production base in Zhangjiagang FTZ. [Photo/WeChat account: zhangjiagangfabu365]
The new materials industrial cluster within the FTZ is a testament to this success, comprising over 100 enterprises, more than 80 percent of which are foreign-invested. One notable example is Honeywell, which established its first wholly-owned production base in China in Zhangjiagang in 2012. This facility has grown to become one of Honeywell's largest investments in China.
Over the past decade, Honeywell has launched multiple projects, involving petroleum refining catalysts, the UOP engineering technology R&D center, and the Asia-Pacific headquarters for high-performance materials. Zhangjiagang's increasing transport advantages further strengthen Honeywell's commitment to investing and developing in the FTZ.
"Foreign enterprises are an indispensable force in the economic development of the FTZ," said Chen Yahong, deputy director of the zone's investment promotion bureau. "These companies leverage their capital, advanced technologies, and management practices to enhance productivity and expand market share. At the same time, they capitalize on local resources to improve competitiveness, thus boosting regional economic growth."