Foreign executives attending CIIE target expanded investments in China

Foreign executives attending the ongoing China International Import Expo (CIIE) signaled their intent to deepen investments in China, citing the country's vast opportunities and dynamic business environment.

The executives believe that increased investment in China will help them tap into the country's economic growth and share its development dividends.

"We're super excited because we opened a brand-new factory this year in Changshu. We see a massive growth opportunity, but also we're excited about China -- its a 30-60 (year) journey. It's something we care passionately about and we want to be on that journey with China," said Anne Gronbjerg, vice president of Commercial Building Services at Grundfos.

"In China, actually we have launched more than 80 innovation projects, also we are launching our China 2030 Strategy, which is literally a one billion-dollar investment to accelerate innovation in China from 2025 to 2030," said Jean-Christophe Pointeau, the president of Pfizer China.

"Next year we celebrate our 30th anniversary. We have close to 1800 people here. We've been steady in our investment and that will continue as long as the environment is supportive for us to thrive and engage and support our customers," said Sassine Ghazi, president and CEO of Synopsys, a Silicon Valley company developing electronic design automation software for semiconductor design.

Meanwhile, executives of many foreign enterprises have also noted that China has effectively fostered cooperation and innovation between foreign and Chinese companies, providing a conducive environment for business development.

"We see China as a market for our innovation. The Chinese market or China itself is a source of innovation, and we very much appreciate that environment here that supports us in driving our innovation," said Bjoern Sattler, CFO of Boehringer Ingelheim Greater China, a Germany-based biotech company.

"China is always a huge market, but [this market] is more competitive, and we need to give something that is even better," said Frank Hammes, Global CEO of IQAir, a Swiss air quality technology company.

"CIIE is a massive platform for foreign companies to meet, also local companies to develop projects together, project about innovation, project about partnership," said Jerome Vanachter, president of Lesaffre Greater China, a leader in the field of yeast and bread making in France.

The seventh CIIE, taking place from Tuesday to Sunday in Shanghai, has drawn participants from 152 countries, regions, and international organizations, setting a new record with 297 Fortune Global 500 companies and industry leaders slated to attend.

Foreign executives attending CIIE target expanded investments in China

Foreign executives attending CIIE target expanded investments in China

Recovery efforts are underway in the South Pacific island nation of Vanuatu following a powerful 7.3 magnitude earthquake that struck last week, causing extensive damage in the capital, Port Vila.

With many businesses closed and a tourism-dependent economy at risk, officials are working diligently to address the fallout from this natural disaster. The World Bank has fast-tracked 12 million U.S. dollars to support cleanup efforts.

General manager Anita Ambong of the Moorings Hotel was on-site when the earthquake hit.

"I knew it was bad and I just shouted to all the staff and the guests that were here, 'Up the hill, up the hill!' because after this I knew there would be a tsunami warning or something," she recalled.

Fortunately, none of her staff were injured, and the hotel sustained only minor damage.

However, the hotel has not escaped the broader impact on business during one of its peak seasons. The road leading to the hotel remains closed, leading to canceled reservations.

"Tourism to Vanuatu is very important; it is one of the most important resources that brings more of Vanuatu's income, and most of us we rely on that," Ambong said.

The disruption to tourism and trade in the heart of Port Vila was immediate and severe. The country, already coping with the aftermath of three cyclones last year, now faces the potential for long-term economic challenges. Some businesses may never recover from the latest disaster.

Choi Euncheon, who owns an auto repair shop affected by landslides, expressed concern over the future of his business. His store is closed, and he has no idea for how long. For him, that's a lot of money lost.

"Big money, big problem now," he said.

As Vanuatu focuses on the immediate needs of approximately 80,000 people directly affected by the earthquake, the challenges ahead are daunting.

"I'm worried at the moment about high unemployment, high inflation, because of limited supplies that will be happening, so this is going to be a big issue," said Dickinson Tevi, secretary general of the Vanuatu Red Cross Society.

Aid workers warn that Vanuatu will require sustained support to recover from this calamity.

Vanuatu struggles to recover after devastating earthquake