American medical machinery firm Thermo Fisher Scientific has agreed to build a new factory in China’s Jiangsu province with a vision of long-term development in the country.
The base, located in Suzhou High-Tech Zone, will make disposable bioreactor bags, state-owned news agency Xinhua reported yesterday, citing an agreement signed by Thermo Fisher and the zone’s operator. The Massachusetts-based manufacturer expects the factory to open in 2024 but did not disclose how much it will invest in the facility.
Thermo Fisher is optimistic about development opportunities in China and will invest further in the country despite the short-term challenges posed by the China-US trade frictions, Senior Vice President Syed Jafry said at the signing ceremony.
Biomedicine is one of Suzhou’s main industries and the city’s high-tech zone now houses over 300 such companies, up from 87 in 2011. Biotech and pharmaceutical firms in the area racked up sales of more than CNY10 billion (USD1.4 billion) last year.
The US is an important export market for Suzhou and Jiangsu province. The city ran 475 foreign-backed projects with USD6 billion worth of registered inbound investment in the first half of the year, up 4.8 percent annually. Foreign direct investment made up CNY3.1 billion, a 15.9 percent gain, with CNY287 million (USD40.5 million) coming from American investors, more than three times as much as a year earlier.