With the Spanish government shifting its investment focus to
west China, its "China Program", launched this May, will allure
more Spanish companies to the vast and undeveloped region, said a
Spanish official in Chengdu Monday.
Ricardo Blazquez, director of Spanish Valencia Autonomous Region
foreign trade bureau's Shanghai office, said "the Chinese mainland
has already become an indispensable part of economic globalization,
which has attracted many Spanish entrepreneurs."
He said the energy-abundant western part of China will become
one of the world's most important markets, which should not be
neglected by any nations or individuals.
The Spanish government issued a "China Program" this May, aiming to
strengthen its economic relationship with China.
The program said the Chinese market will be given priority in
Spain's overseas development. It also promised to invest 690
million euros in China in the next three years, mainly developing
trade and tourism.
The Spanish government is paying increasing attention to investment
in west China.
The first Sino-Spanish foreign trade office in the western region
is under construction.
Spain started its economic cooperation with China in the 1980sin
the eastern coastal provinces.
In 1994, Valencia Autonomous Region established a sister province
relation with southwest China's Sichuan
Province. Since then, the vast west of China has aroused great
interest in the Spanish business circle, said Huang Xiaoxiang, vice
governor of Sichuan.
In 1999, Sichuan imported a vegetable plastic wrap production line
from the Spanish FOMESE company, starting west China's economic
cooperation with Spain.
Three years later, a Spanish Baroque furniture center was founded
in Chengdu, capital of Sichuan. The official said the project, with
an investment of more than 100 million yuan (about US$12 million),
signified that the potential of the west China market had already
been recognized by the Spanish investors.
For a long time, Latin America was the first choice of many Spanish
companies, yet more and more investors are changing their foreign
investment strategies and orientations, Blazquez said.
Statistics from the State Development and Reform Commission said
that Spain invested 63 million euros in China last year, 132
percent higher than that in 2003.
About 200 Spanish companies have set up factories, opened branches
or established offices in China, with a total investment of 430
million euros.
Huang said the two major investment areas, west China and Latin
America are mutually complementary in natural resources.
Spain's investment in west China will realize a beneficial
situation for the three regions, said the official.
(Xinhua News Agency July 19, 2005)