OVC rides global investment wave
Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) has inked deals for over 60 projects this year, with each exceeding 100 million yuan ($13.96 million), attracting a wave of global investments from headquarters projects to continuous investments by world-class enterprises.
Foreign investments have been particularly noteworthy, with many Fortune Global 500 companies and global industry leaders basing in or expanding their investment in OVC. Switzerland's Amberg Asia-Pacific has established its regional headquarters in OVC; Walmart's global e-commerce department has set up an office in Wuhan; and the world's largest turbocharger manufacturer, Garrett, has invested in OVC for the third time.
Garrett's Wuhan factory. [Photo/WeChat account of Optics Valley of China]
OVC is now home to over 1,300 foreign enterprises, including nearly 100 Fortune Global 500 companies. Last year, over 120 foreign enterprises registered in the zone, constituting nearly 30 percent of Wuhan's newly established foreign-invested enterprises.
Why OVC? According to Xiao Shu'an, an executive from Amberg, the answer lies in the "surprise" they encountered: "It took just three months from relocating our Swiss operations to OVC. The efficient business environment here solidified our decision."
OVC's delegation signs contracts at Schneider Electric's Paris headquarters. [Photo/WeChat account of Optics Valley of China]
A favorable business environment boosts the confidence of foreign investors. Since last year, OVC has comprehensively optimized its foreign investment policies, enhancing incentives for settling and developing, as well as for research and development and talent, while introducing new provisions to improve foreign investment services, host international events, and attract significant foreign investment projects.
Last month, Zoom, a Silicon Valley company, inaugurated its Wuhan R&D center in OVC. Josh Kallmer, the company's head of Global Public Policy and Government Relations, stated, "We will accelerate technological innovation in OVC to provide a better experience for global users!"
