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The reporter recently learned at the member conference of the Association of Foreign Investment Enterprises in Yichang, Hubei, that local chemical companies have been shifting their focus toward overseas markets. In recent years, several major enterprises have started to expand their operations abroad, seeking new growth opportunities and reducing domestic competition.
Yihua Group, one of the city's leading chemical firms, has taken a significant step by establishing a 100% Chinese-owned enterprise in Vietnam. The project, with a total investment exceeding $120 million, has already received approval from the Ministry of Commerce. This marks a key milestone in the company’s internationalization strategy.
Additionally, Renfu Pharmaceutical, another prominent player in the local chemical industry, is planning to invest in setting up manufacturing facilities in Africa. Meanwhile, Black Whirlwind Engineering Machinery is exploring the possibility of establishing production bases in Europe. Both projects are currently in the negotiation phase.
According to officials from the Municipal Bureau of Commerce, overseas investment has become a crucial strategy for Yichang’s chemical companies to tap into global markets. The primary motivation behind these investments is the abundance of natural resources and the growing demand in foreign markets. As domestic competition intensifies, expanding internationally offers a sustainable path for long-term development and market diversification.