GBA trillion-yuan market fosters Sino-foreign cooperation

Foreign investors and business representatives are urged to make the Guangdong-Hong Kong-Macao Greater Bay Area an important destination for their investments and businesses in order to jointly construct and share the most open, innovative and dynamic GBA.

Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee, said GBA has huge development spaces and broad prospects when Guangdong, Hong Kong and Macao are accelerating the construction of GBA to build a world-class and the best developed bay area.

In addition, Guangdong will steadfastly promote reform and opening-up, focus on creating a market-oriented, rule of law and international first-class business environment to provide overseas investors and business representatives with the greatest convenience and best services.

Huang, also Party secretary of Guangdong province, made the remarks at the Theme Conference of the 2024 Global Investment Promotion Conference for The Guangdong-Hong Kong-Macao Greater Bay Area in the Guangdong provincial capital on Friday afternoon.

He said GBA has a huge market potential, complete industrial chains, many scientific and technological innovation centers and numerous technology talents to support its sustainable development.

Wang Wentao, Minister of Commerce, promised continued support for promoting GBA's participation in multilateral regional cooperation with the rest of the world in the months to come.

In his video speech, Wang said Guangdong, Hong Kong and Macao should further strengthen coordination and cooperation to promote high-level opening-up to the outside world and better attract and utilize foreign investment to help build an international first-class bay area and world-class city clusters in the following years.

According to Wang Weizhong, governor of Guangdong, the province's gross domestic product is expected to reach more than 14 trillion ($1.95 trillion) yuan in 2024, comparing with last year's 13.5 trillion yuan.

CK Lee, President of Carlsberg China, said GBA has efficient and professional governments, strong industrial foundation and broad market prospects.

"It took Carlsberg's Foshan project, which cost 3 billion yuan, only about a half year from negotiation to sign a contract and another 18 months from construction commencing to completion," said Lee.

Sino-foreign companies signed a total of 1,933 investment, cooperation and trade projects valued at more than 2.26 trillion yuan at the conference which ended on Saturday.

The event was hosted by the governments of Guangdong, Hong Kong and Macao, and included policy promotion, on-the-spot investigation and business talks.

It has become an important platform for Sino-foreign cooperation and for overseas companies to seek investment opportunities in GBA which includes nine Guangdong cities, plus Hong Kong and Macao Special Administrative Regions.