The 5th Qingdao Multinationals Summit closes on high note, with $53.3b deals for 163 agreements signed

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Information Office of the People's Government of Shandong Province

Aug 30, 2024, 05:26 ET

QINGDAO, China, Aug. 30, 2024 /PRNewswire/ -- This is a news release from the Information Office of the People's Government of Shandong Province: The fifth Qingdao Multinationals Summit was held in Qingdao, a coastal city in east China's Shandong Province. The three-day conference inked a total of 163 investment and trade projects. Among them 121 investment projects amounting to 12.9 billion US dollars, and 42 trade projects with a combined contract value of 40.4 billion U.S. dollars, showing the connotation and product charm and market potential of Shandong.

The projects span the fields of high-end manufacturing, new energy and new materials, next-generation information technology, modern finance, medical care and health, bulk commodities, high-end chemicals and agricultural products.

Under the tagline "Multinationals and China," the summit brought together leaders from 451 multinational companies representing 37 countries and regions, including 140 Fortune 500 companies and 311 industry leaders with 99 multinational companies participating in the summit for the first time.

This year's Summit introduced "Five Firsts" new activities such as the multinational corporation development forum followed by the opening ceremony, the first-ever investment and cooperation exchange for multinational companies, the first promotion of zones like the Shanghai Cooperation Organization Demonstration Zone, the first forum on high-quality development empowered by new quality productive forces and the first special session focused on marine innovation talents.

The summit features a slate of events such as a closed-door policy meeting organized by the Ministry of Commerce and the State Intellectual Property Office, interpreting policies of the retail industry innovation and intellectual property protection, 2024 Shandong Economic Advisory Meeting, "Remarkable Shandong" exhibition and showcase activities for the guest province. Many multinational company leaders also delivered speeches and presentations at the summit, outlining their new strategies for development in China and their investment intentions.

A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce indicates that multinationals are active participants in China's development, important supporters of the country's pursuit of high-quality development, and key links in its deep integration into global industrial and supply chains.

The Qingdao summit has been serving as an important platform for dialog, exchanges and practical cooperation between China and multinational corporations. With a more transparent business environment, expanded markets and innovation in trade and services, China continues to be the most popular investment destination amongst multinational enterprises.

SOURCE Information Office of the People's Government of Shandong Province