Delegates note lure of western investment

China's latest round of western development presents even greater opportunities to overseas Chinese entrepreneurs, delegates said at the ongoing World Chinese Entrepreneurs Convention in Chengdu.

Lim Beng Lin, chief of the technology sector at the Singapore Chinese Chamber of Commerce and Industry, said he is impressed with Chengdu's clean environment and developed infrastructure, attractions that will be crucial in investor decisions.

"Twelve years after the western development program was implemented these areas have seen great, positive changes," Lin said.

Yen Yin Pin, president of the Penampang Chinese Chamber of Commerce and Industry in Sabah, Malaysia, said Chengdu has reached the international level in its infrastructure.

He said he has been traveling widely and thinks the infrastructure in Chengdu is on par with the US and Europe.

"As economies in the US and Europe are really down these days, we are finding opportunities to invest in China's west," said the 68-year-old Pin.

Dhanin Chearavanont, president of Chia Tai Group and CEO of agri-giant Charoen Pokphand, said he has never regretted his investment in Chengdu 30 years ago.

"Despite ups and downs in the Chinese economy, we make profit," Chearavanont said.

Chia Tai has invested nearly $6 billion in China to date and has annual sales revenues of 50 billion yuan. It has 213 branch companies and more than 80,000 employees throughout China.

"Sichuan is known for its developed agriculture and the hard-working and honest people. This is the right place for us to make investments," Chearavanont said.

He said as labor costs in coastal areas began to rise, western China will become the next destination for foreign investment.

Zhong Mian, deputy-governor of Sichuan province, said overseas Chinese entrepreneurs play a crucial role in the local economy.

Sichuan currently has about 5,000 companies or operations funded by overseas Chinese entrepreneurs, making it the top province in the nation in attracting overseas Chinese investment.

Overseas Chinese currently account 60 percent of the foreign investment in Sichuan, said Zhong.

The first World Chinese Entrepreneurs Convention was held in Singapore in 1991.

Chengdu is the first city in West China to host the conference.