Leading global companies invest in Hainan in 2022 — media

Some of the internationally renowned businesses that have recently launched projects in the province include Swiss luxury goods maker Richemont, German waste disposer Alba Group, American luxury fashion holding company Tapestry, Dun&Bradstreet, a credit-rating think tank, and Viatris, a pharmaceutical company headquartered in the United States and Singapore's Raffles Medical Group. According to the executives of these companies, they see many favorable opportunities related to the formation of the Hainan Free Trade Port and hope to take advantage of them by integrating into an extensive supply chain targeting both Chinese and foreign markets.

"We are now looking for ways [to grow our business] and we believe other investor companies will follow," said Wu Feng, Vice President of Global Business Transformation at De Beers Forevermark International Diamond Corporation. He said that Hainan said that the province has created an exceptionally business-friendly environment, especially by making the paperwork process simple and straightforward. In addition, there are good prospects for the manufacturing industry and trade.

"We are drawn by the accelerated establishment of the Hainan Free Trade Port and the dynamic growth trend, as well as the constantly improving business environment," said Yann Bozek, President of Tapestry Asia-Pacific.

"Thanks to leading companies, more economic growth poles will emerge in Hainan," stressed Sun Baichuan, head of the Institute of International Economy at the University of International Business and Economics (Beijing). He said the southernmost Chinese province needs to attract as many foreign enterprises as possible by improving its business climate and reducing the cost of doing business.

Sanya is China's leading resort, home to more than 1 million people. In 2021, the city's gross product grew 12.1% to 83.5 billion yuan (about $13.2 billion). Between January and June, its foreign trade was 12 billion yuan ($1.77 billion), up 21.8 % year over year.