Qingdao Summit Ushers in a New Era of Global Cooperation
Qingdao, China, August 29, 2024 -The fifth edition of the Cross-National Corporation Leaders’ Qingdao Summit (Summit) concluded today, marking the end of a five-year journey focused on fosteringcollaboration between multinational corporations and China. The Summit, held annually since 2020, has emerged as a pivotal platform for global companies to engage in dialogue, forge partnerships, and drive the development of an open global economic order.
Looking ahead, as the world navigates unprecedented changes, the Summit’s next five years promise to be even more impactful.
A Shift in Focus:From Same to Different
During this year’s Summit, AstraZeneca’s Global Executive Vice President, President of International Business and China, Wang Lei, expressed his admiration for Qingdao’s scenic beauty while also highlightingthe city’s remarkable efficiency in facilitating investment. He noted that the company’s newly established inhaled aerosol production and supply base in Qingdao, completed within a year from signing to construction permit, was unprecedented within the group. This rapid progress reflects the continuously improving business environment across China, a key factor in attracting foreign investment.
The Summit has instilled confidence in multinational companies to invest in China, said Wang Lei. We hope to leverage this platform to encourage more collaboration between multinational companies and Shandong enterprises, enabling them to expand their reach globally.
The consistent efforts of Chinese regions to attract foreign investment are complemented by ongoing improvements in thebusiness environment, creating a distinct advantage. This positive shift is reflected in the increasing investment by multinational corporations in China.
Wang Jun, President of Oerlikon Group China, emphasized the company’s long-standing partnership with Shandong, spanning over 40 years. He announced plans to double their investment in the regionby 2026.
This year’s Summit saw the signing of 163 investment and trade projects, adding to the impressive total of 471 projects and $569 billion in investment secured during the previous four editions. Among the new agreements, 121 investment projects represent$129 billion in investment, while 42 trade projects amount to $404 billion in contracts.
Adapting to Change: A Constant in a Changing World
Both upstream and downstream players in the industry are undergoing digital and energy transformations. We strive to align our operations with the evolvingneeds of the global market, said Khalil Al-Khatib, Global CEO of ADNOC, the Abu Dhabi National Oil Company. He emphasized that China will play a crucial role in navigating these global market shifts.
This year, the Summit introduced a dedicated guest interview channel, providing a platform for multinational company leaders toengage with international media. Over 90 minutes, they shared insights into new technologies, products, and strategies, presenting innovative solutions for collaboration between multinational corporations and China.
While the Summit’s overarching theme has remained consistent over the past five years, each edition has adapted to current trends, introducing new elements. Forinstance, the third edition focused on global supply chain restructuring in the post-pandemic era, while this year’s Summit explored new forms of productivity, innovation in the marine sector, and the Shanghai Cooperation Organization Demonstration Zone.
Notably, the number of companies representing the new economy, encompassing sectors like new generation information technology, biomedicine, renewable energy, and high-end equipment, has significantly increased at this year’s Summit. Shandong, in line with its development priorities, showcased 11 key industrial chains, including these emerging sectors, to attract targeted investment.
As the world continues to evolve, the Cross-National Corporation Leaders’ Qingdao Summit stands as a testament to the power of collaboration and a platform for shaping the future of global economic cooperation. The Summit’s next five years promise to be even more dynamic, driving innovation, fostering growth, and creating a more interconnected and prosperous world.
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