(CFP Photo)

From January to February this year, the actual use of foreign investment in Wuxi City reached $1.4 billion, up 133.7% year-on-year, the highest growth in Jiangsu Province, according to the Wuxi Municipal Bureau of Commerce.

The Wuxi plant of WAMGROUP, a global market leader in screw conveyors, has received full support from the city and performed outstandingly, maintaining an average annual growth rate of nearly 20% in the past three years. As a result, WAMGROUP has decided to invest an additional $30 million in the plant's phase II project, and start applying for the recognition of regional headquarters of the multinational company.

In Wuxi, foreign direct investment mainly went to fields of integrated circuits, medical devices, and artificial intelligence technology services, among other key industries. Ten projects each with a foreign investment of at least $30 million were launched in the first two months of this year, and their total investment amount reached $880 million, accounting for 62.9% of the total actual use of foreign investment in the same period.

From January to February, the city's actual use of foreign investment in high-tech industries reached $580 million, a year-on-year increase of 243%, a new achievement in the deepened industrial restructuring.

The growth of foreign investment was also the result of more targeted marketing efforts aligned with the city's competitive industrial chains. In first quarter of this year, Wuxi held 63 global economic and trade investment activities that witnessed the signing of 271 projects.

According to Wuxi's investment promotion center, the city will continue to take an integrated approach to attracting investment and support small and medium-sized funds to boost investment.