Nanjing Jiangning Development Zone unveiled ten major foreign-funded projects with a total investment of $2.6 billion during an agreement signing ceremony held on February 21.

Companies including Siemens, PepsiCo, Phoenix Contact, Tieto and Hansong Technology signed agreements to invest in fields such as new energy vehicles, smart grid, intelligent manufacturing, and information technology.

"It's the best time to expand business after developing in the city for 20 years. We will launch an intelligent manufacturing project, which will be our third factory in Jiangning," said Helge Kristensen, Vice President of Hansong (Nanjing) Technology.

Siemens announced three projects related to digitalization, power automation and automated energy.

Phoenix Contact has a development history of 30 years in Nanjing and currently operates seven wholly-owned companies and one joint venture. It will invest $150 million to build a pilot smart factory that will achieve digital transformation of procurement, production and logistics, with the production capacity up by 2-3 times.

Data showed that Jiangning District has attracted foreign direct investment of $8.08 billion since 2018, ranking first in Nanjing for five consecutive years.