Sanya adds 158 foreign-funded enterprises in 2020, up 163 percent

More and more foreign-funded enterprises are coming to Sanya, Hainan to seek the opportunities arising from the creation of the Hainan Free Trade Port. The tropical city is becoming a new hub for accelerating globalization and the promotion of innovative development.

According to statistics, 158 foreign-funded enterprises were set up in Sanya in 2020, a year-on-year increase of 163 percent. Among the newcomers, there are 13 with a total investment larger than $20 million, including Fortune Global 500 companies such as Yum! and Rio Tinto.

"We have been making good use of our advantages in preferential policies, resources and geographical location, focusing on investment promotion and protection, and establishing professional and international investment promotion teams to drive online investment," said Wu Haifeng, deputy mayor of the city, when talking about the methods that have been used to lure top global companies to Sanya.

In 2020, Sanya attracted investment from 29 countries and regions including Singapore, the United States, the United Kingdom, and Japan, and the actual use of foreign investment increased by 18 percent year-on-year, according to reports.

The field of foreign investment has also expanded to industries such as the headquarters economy, business services, information technology services, cultural and sports entertainment, scientific research, and technical services.

Many large enterprises on the Chinese mainland have also used Sanya as their main fulcrum to explore business opportunities overseas or as a new channel for foreign cooperation, and they have successively settled their overseas headquarters in the city.

As the dividends brought by the construction of Hainan FTP continue to rise, the business environment in Sanya is increasingly improving, and a more open market has further enhanced the investment confidence of foreign-funded enterprises. At present, there are more than 20 foreign-funded enterprises and institutions showing their intentions to settle in Sanya and holding negotiation talks with the city. These companies cover various fields such as duty-free shopping, cruises and yachts, tourism and culture, trade and logistics, intermediary services, and advanced technologies.