Chennai: The Yanjiao Economic and Technological Development Zone, China is inviting Indian companies to set up base there. A Chinese delegation headed by Sanhe city mayor Zhang Jinbo is in Chennai meeting industrialists and showcasing the facilities available in the industrial development zone.
According to Jinbo, Indian investments are being sought in the fields of information technology (IT), medicines and pharmaceuticals, organic food, new material industry and tourism. He said, "Located at 30 kilometres from Beijing Tiananmen Square and the Beijing Airport, Yanjio is connected to other parts of the country via good road and railway networks."
Over 3 billion Renminbi (RMB) has been invested in building the basic infrastructure-road, water, power, drainage, telecommunication, gas stream and broadband- in the Yanjiao development zone.
According to the officials there are about 20 scientific research institutes and eight colleges. More than 20,000 professionals and 60,000 students form the human resource base. The zone also has an incubation centre spread over 23,000 square metres.
Jinbo said investing in Yanjiao Economic and Technical Development Zone has twin advantages viz the investors can enjoy the benefits of Beijing at 30 per cent cheaper cost.
The zone has attracted over 700 projects with total investment of RMB 20 million. The one Indian investment is from the Chennai based Murugappa group which has a joint venture there called JingRi CUMI Super-hard Materials Co Ltd.
"The zone has developed in a rapid manner over the last five years," added M M Murugappan, director, technology, Murugappa Group.
Speaking about the group's experience in China where it has a joint venture managed by Chinese professionals he said, "The language of communication is the only one issue we face. Otherwise the business is as usual when there is a clear understanding between the partners as to the business objective and the strategic thinking."