QINGDAO enterprises have been accelerating and expanding their investments in foreign countries.

    The city’s enterprises were allowed to make 58 overseas investments in the first quarter of this year, of which Chinese investments totaled more than 350 million yuan, according to the city’s commerce bureau.

    Twenty-two of the investment projects focus on production, research and development, merger and acquisition, as well as resources.

    The city’s enterprises invested around 192 million yuan on 15 overseas manufacturing projects in the first three quarters, a 50- percent increase year on year.

    Qingdao Tianzhong Investment Administration Co., Ltd. has invested US$99 million on a tire processing project in Vietnam.

    A total of 10 overseas investment projects by the city’s enterprises in the first three quarters were merger and acquisition projects.

    Qingdao Nauticstar Marine Co., Ltd. spent US$18.64 million buying a ship company in Italy.

    In addition, the city’s Eurofro International Trading, Inc. invested more than US$15 million on the nonferrous metal mining exploration in Mexico.

(Li Hao, Shen Junlin)