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Fujian and German firms to build joint venture

     chinadaily     2018-9-11 17:07:00    

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A joint venture company will be established by companies from Fujian and Germany, according to a cooperation deal inked between the companies at the 11th China & Germany Economic Cooperation Symposium on Sept 8 in Xiamen, Fujian province.


Xiamen King Long United Automotive Industry Co, a leading passenger vehicle manufacturer in China and Grammer AG, a German supplier of auto parts, decided to establish a joint venture company in Longhai, a county-level city of Fujian’s Zhangzhou city.


The new company will be dedicated to the R&D, manufacturing and marketing of the seats of passenger vehicles.


In 2017, the trade volume between Fujian and Germany reached 33 billion yuan ($4.8 billion), up by 9 percent year-on-year. During the first seven months of this year, the two sides’ trade volume saw a 10.6 percent increase compared with a year earlier.


Up to now, Fujian has invested $1.25 billion in 48 projects in Germany, which involved equipment manufacturing, new energy and electronics.


The 11th China & Germany Economic Cooperation Symposium was held as part of the 2018 China International Fair for Investment & Trade (CIFIT), which took place in Xiamen from Sept 8 to 11 and served as a platform for global investors and companies seeking cooperation opportunities.



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