Luohu Explores Economic Opportunities in Europe, Strengthens Ties with Portugal

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Shenzhen Luohu District Party Committee Propaganda Department

Sep 15, 2024, 04:42 ET

LIBSON, Portugal, Sept. 15, 2024 /PRNewswire/ -- In a strategic move following a recent tour of the Asia-Pacific region, the Luohu District in Shenzhen, located in South China's Guangdong Province, has dispatched a new delegation to Spain and Portugal, with a focus on exploring economic and trade opportunities in the European market.

More than 30 prominent Portuguese companies and institutions attend the promotional event of Luohu in Lisbon, Portugal on Thursday

The China (Shenzhen•Luohu) - Portugal (Lisbon) Economic and Trade Cooperation and Exchange Conference, held in Lisbon on Thursday, saw a strong turnout from more than 30 prominent Portuguese companies and institutions, including the Oveiras Valley Investment Agency (OVIA) and Timing Group.

These entities showcased a keen interest in collaborating with Luohu, particularly in sectors such as healthcare, finance, media, business services, and cultural tourism. The event marked a significant leap toward fostering mutually beneficial partnerships between Luohu and key players in the Portuguese business landscape.

As Luohu's industries thrive, the district is amplifying its global presence through foreign investment promotion, bolstering trade and investment activities. Luohu, situated in the heart of Shenzhen, a rapidly growing innovation city that has achieved economic success over the past four decades, boasts the pillars of finance, commerce, and business services. The district also excels in sectors such as cultural creativity, gold, and jewelry.

With the service industry dominating Luohu's GDP at 94 percent, the district hosts over 100 licensed financial institutions, including major firms like PwC, EY, and Deloitte. Driven by strong incentive policies, the health industry is rapidly expanding in Luohu. The district excels in medical aesthetics, cutting-edge medical devices, life sciences, and health management, showcasing unwavering progress.

It has also given priority to the development of precision medicine, high-end health preservation, innovative drugs, high-end medical devices, and other specialized fields. The district's rich clinical application scenarios also provide a good foundation for the research, development, and transformation of innovative drugs and medical devices. In 2023, Luohu witnessed the establishment of 32 innovative platforms in the medical and health domain, including the Shenzhen-Europe Innovation Medicine and Health Research Center.

Jointly developed by the district government and the Shenzhen Institute of Advanced Technology of Chinese Academy of Sciences, one of the top research institutes in China, the center has recruited a pool of international talents.

Besides innovation, Luohu stipulated incentive policies to boost the medical cosmetology field. At the end of 2023, the district took the lead in the city by issuing 10 measures for the sector. Of the measures, the district decided to build a hub for medical aesthetics consumption, support the medical aesthetics product trade and service and regulate the service quality of the sector both online and offline.

During the delegation's visit to Spain and Portugal, the district government pledged to enhance services and the business environment to attract companies and investors from both domestic and international markets.

The delegation also engaged with industry leaders such as the Global Media Group, Joinko Group, and EFG International in Lisbon, showcasing Luohu's commitment to strengthening ties and fostering collaboration on a global scale.

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