Horizons expand for Chinese companies in France
Updated: 2016-01-29 07:49
By Tuo Yannan(China Daily Europe)
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When China and France established diplomatic relations in 1964, bilateral trade volume was only $100 million, while in 2014, this figure had surged to $56 billion. Cooperation spans many sectors, such as nuclear energy, high-speed rail, aviation and aerospace, Gao adds, pointing to further investment in green energy, healthcare, agriculture, food, finance and e-commerce.
This means that Chinese companies have a bigger presence in the country, according to Phan Nhay, president of Chinese Chamber of Commerce and Industry in France, and country head of Bank of China France.
"I have witnessed Chinese enterprise groups establish an ever-increasing presence over the past 10 years in France. In 2007 when we initiated the chamber, we only had about 20 Chinese members. The number increased to 62 in 2015."
Gao says that in the past 40 years "since China's reform and opening-up, French investment in the Chinese market has grown significantly, covering all areas of industry and services. Chinese investment in France has also seen a rapid increase in recent years. By the end of September 2015, cumulative investment from China to France had reached $8.64 billion, and large investments and cooperation projects continue to emerge.
The trend is obvious, says Phan. "Especially in the past two or three years, the pace of investment has risen sharply and is increasing. Many projects are worth more than $1 billion in investment terms".
Phan points out that a decade ago, Chinese companies had entered the French market in just a few areas such as nuclear energy, finance and aviation. But now Chinese investment covers a multitude of sectors, including chemicals, public services, vehicle manufacturing, aerospace, nuclear power plants, telecommunications, hotels, tourist facilities, as well as shipping and other industries.
Some emerging industries such as financial services, industrial machinery and equipment, renewable energy, airport facilities, agriculture, food and environmental protection have also benefited from Chinese investment.
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