In North China's Tianjin municipality, US confectionery and pet food giant Mars is building Asia's largest modern pet food plant with an investment of more than $100 million. Construction on the project started in the municipality's coastal Binhai New Area at the end of last year.

As stated in the plan, the plant will cover about 110,000 square meters, and its annual output will exceed 250,000 metric tons after reaching full capacity.

Meanwhile, Nestlé increased its capital in Tianjin by 730 million yuan($112.82 million) to add its first plant-based product production line in Asia and expand its existing pet food factories' production capacity.

Vitesco Technologies, a powertrain company of Continental AG, held a groundbreaking ceremony for its Asia-Pacific R&D center last year, signaling its confidence in Binhai's business environment and development prospects.

Last year, Binhai New Area attracted $3.74 billion of foreign capital, increasing by 3.1 percent year-on-year. Also, 354 foreign-funded enterprises were newly established in 2020, with a contract investment of $33.67 billion, an increase of 20.8 percent year-on-year.

This growth was primarily thanks to the powerful pandemic prevention and control measures implemented in Binhai and the area’s efforts to optimize its business environment and manufacturing foundation.

"Over the years, Binhai New Area has created an excellent investment and business environment for enterprises. During the pandemic prevention and control period, the governmental team has been giving meticulous support and guided us to obtain the latest preferential policies to reduce the burden on enterprises,” said Rashid Qureshi, chairman and CEO of Nestlé Greater China. “Increasing investment highlights our confidence in the Chinese market. We are optimistic about the business environment and development prospects and will continue to cooperate with Binhai New Area."

In the future, Binhai will establish and improve the whole foreign investment service system, stabilize foreign investors’ long-term development confidence in China and attract more international projects based on new drivers. Binhai New Area will also become a better platform for developing international business.