A European-managed industrial park is to be set up in Tianjin, a major port city in North China, to attract investment from small and medium-sized enterprises from Europe.
Since China entered the World Trade Organization in December, there have been more opportunities for smaller businesses, said Klaus Wild, deputy head of mission with the German Embassy in China.
The Europark, located in the Tianjin Xiqing Economic Development Area, aims to provide the best investment environment in China for European small and medium enterprises.
With a total investment volume of US$120 million, the Europark will be developed as a multi-functional commercial centre, combining retailing, exhibitions, production, warehousing, an office area and a residential area.
The park hopes to lure European enterprises by providing first-class services and helping them simplify the launch of their business in China's expanding markets.
The park is funded, developed and managed by the Yishun Euro Industrial Park (Tianjin) Ltd, a subsidiary of the Switzerland-based Lucky Home Investment AG.
The park, with a rentable area of 160,000 square metres, is slated for operation by the latter half of 2004.
At Thursday's foundation-laying ceremony, Wang Shuzu, Tianjin's vice-mayor, said the park will introduce a service and management concept with European characteristics into the city's industrial property management.
( May 10, 2002)
