WENZHOU - Wenzhou, an entrepreneurial hub in Zhejiang province, plans to attract more successful businessmen to invest in local projects.
"The investment environment in Wenzhou is not good enough compared with other cities," said Chen Derong, Party chief of Wenzhou, on Friday at the third global conference of Wenzhou businessmen.
"But I'm fully confident that the city will become a hotbed for investors in the near future with the support from returned local businessmen," Chen added.
The conference gathered Wenzhou people living all over the world to discuss how to restructure the region's economy.
Chen said that the local government will keep creating favourable conditions so that local businessmen are able to stimulate the local economic development, while reaping the rewards.
Offering investment opportunities in 470 projects worth more than 516 billion yuan (S$102.3 billion) in areas such as finance, trade, services, advanced manufacturing and tourism. The conference attracted 1,500 participants from 100 countries and regions and 200 Chinese cities, said organizers.
During the event, deals were signed for 135 projects with a combined value in excess of 237 billion yuan (S$47 billion).
One of the deals was for the second phase of the Zhannan trade centre in Ouhai district. The deal, signed by the Wenzhou Chamber of Commerce in Dubai, is one of the projects with investment by returned Wenzhou businessmen.
The project's investment is about 1.5 billion yuan (S$297.5 million) and it covers an area of 4.33 hectares with a construction area of 151,774 square meters.
"I want to bring the concept of high-end marketing to Wenzhou by introducing a variety of design items from all over the world and building a global trading platform here," said Chen Zhiyuan, president of the Wenzhou Chamber of Commerce in Dubai, who owns three high-end trading centers in Dubai.
The second phase of the Wenzhou Ouhai Zhannan trade centre project will be launched in June, while the first phase is expected to be completed by October.
As global economic conditions remain sluggish and the local government has been trying to build up platforms for overseas businessmen, more Wenzhou businessmen are eying their hometown for investment opportunities.
Xu Weichun, president of the Chinese Commercial and Cultural Association of Greece and chairman of Wenzhou Wonhold Real Estate Co Ltd, has returned home after business opportunities in Greece dried up.
Xu and his partners, who are also from Wenzhou, have launched a series of businesses in their hometown, including wine imports and property development.