Companies pledge to invest heavily in Sichuan

By Yang Lifei  |   2008-6-27  |     ONLINE EDITION

FOLLOWING a two-day inspection of earthquake-ravaged Sichuan Province, some 10 multinational companies, foreign enterprises and businesses from Hong Kong, Macau and Taiwan have agreed to invest up to US$3.52 billion in various projects, Xinhuanet.com reported.

The inspection group was made up of officials from about 50 renowned enterprises including some Top 500 global corporations such as Tyco Electronics, Diageo and Caterpillar. The event attracted the most multinational companies since the May 12 earthquake, the report said.
According to the Sichuan Commerce Department, eight of the projects are worth more than US$100 million each. Eleven projects are in the manufacturing industry with a total investment of US$2.58 billion. There are three projects in quake-hit districts, including the Haoyu cement project in Xuankou Town, Wenchuan, the report said.
Trust-Mart, a major retailer in Sichuan, had 10 supermarkets damaged and four employees killed in the quake. However, the investment and development of the Taiwan-owned firm will not be seriously impacted by the natural disaster, the report said.
``We will open new outlets in some heavily damaged areas such as Mianyang and Jiangyou," a company official told the Website. "We will invest US$69 million.''
Bayer Group is also determined to invest in Sichuan.
"In the past two days I have been able to feel the energy and hope through the quick response by government of all levels and the people's strong will and optimism," Kang Pengsi, the Chief Financial Officer of Bayer (China), told the Website.
As of June 19, more than 7,000 multinational corporations, as well as businesses in Hong Kong, Macau and Taiwan have donated more than 3.7 billion yuan (US$528.6 million) to earthquake victims.