Representatives from signing parties pose for photo at the onsite signing ceremony of the 23rd China Zhejiang Investment and Trade Symposium Zhejiang Forum. Photo: Courtesy of Ningbo city government

East China's Zhejiang Province inked 88 foreign investment deals totaling $17.3 billion on Monday ahead a major trade expo between China and Central and Eastern Europe countries (CEECs). A total of $15.1 billion was for foreign direct investment projects while $2.2 billion was destined for overseas investment projects.

Song Weiqun, chairman of Johnson & Johnson China said at the deal-inking ceremony that he has the first-hand experience of the excellent provincial business environment in Zhejiang, adding that the Zhejiang provincial government issued a series of measures to facilitate foreign investment and to stabilize and boost the confidence of foreign enterprises including Johnson & Johnson to make long term investment in the province. 

Looking forward, Johnson & Johnson will further deepen cooperation with the Zhejiang Province, increasing investment in innovation, integrating into the new development pattern, and promote the innovation-driven and high-quality economic development, Song said.  

Nearly 100 companies drawn from the ranks of global top 500 companies, leading multinational companies, and foreign business associations from various countries in China participated in Monday's event. Guests included several global leaders of foreign enterprises, and heads for China operations. More than 10 companies ranking global top 500 such as Honeywell International, Mitsubishi Corporation, BMW, and other globally well-known companies have made deals over investment projects in Zhejiang. 

A total of 88 projects were signed with a total investment of $17.3 billion, including 80 foreign investment projects with a total investment of $15.1 billion. Agreements for 23 projects were signed on site, with a value at $5.49 billion. Among the signed, 19 are foreign investment projects with an investment of $5.35 billion; two are investment projects in overseas market with an investment of $200 million, and two strategic cooperation agreements.

The contracted foreign investment projects are mainly from the US, Europe, as well as Hong Kong Special Administrative Region. The signed projects include life and health projects signed with Adlai Nortye, DHL's inventory intelligent optimization network and other internet plus projects, new material projects involving projects that can produce 300,000 tons of chemical materials, and marine economic projects. 

The deals were signed ahead of the second China-CEEC Expo & International Consumer Goods Fair, which started on Tuesday.