Taizhou unveils initiative to boost outbound, inbound invest

Taizhou in East China's Zhejiang province recently introduced the "Overseas Taizhou" initiative, with the goal of promoting both outbound and inbound investment.

By 2023, the city aims to complete more than 40 overseas investment projects and attract $300 million in international investment.

Since 2009, Taizhou enterprises have successfully executed 60 overseas mergers and acquisitions, primarily in the seven dominant industries, which include pharmaceuticals, automobiles and parts, and sewing equipment, with a total Chinese investment of nearly $3 billion.

Giants like Geely, Jack Sewing Machine, and Crystal Optoelectronic Technology have emerged as exemplary companies from these endeavors.

A notable case study is Jack Sewing Machine, which started its overseas acquisition strategy 14 years ago. In 2009, the company made its first overseas move by acquiring German companies Topcut and Bullmer. This made Jack a pioneer among Taizhou-based enterprises in international mergers. Through the integration and acquisition of high-quality overseas resources, Jack Sewing Machine achieved comprehensive technological innovation.

Following its initial success, Jack further accelerated its overseas industrial layout. In 2017, the company acquired Italian company Maica, followed by the acquisition of Vibema in 2018. These acquisitions have enabled the company to access overseas brands, technologies, and marketing channels effectively and rapidly.

Today, Jack Sewing Machine has become the largest producer and seller of sewing machinery worldwide. The company has also established itself as an industry leader with a high number of patent applications. Additionally, its overseas clientele has grown from 30 percent to 60 percent of its total client base, further contributing to its global success.