U.S. leading supplier of biotechnology products and services, Thermo Fisher Scientific, has planned on setting up shop in the city of Suzhou, east China’s Jiangsu Province, in a bid of long-term investment in the Chinese market. This bid was unveiled when the company signed an agreement with the hi-tech development zone of Suzhou New District (SND) which is an aim to increase investment in China.
The firms Senior Vice President has expressed his deep optimism in the long term growth opportunities in China despite the friction between the United States of America and China and has promised to continue to invest in China as far as possible as it is one of the most important markets for them! The phase 1 operation is expected to start in 2024. It will provide services to major biomedicine facilities in and around the SND region.
In line with the increasing demand in the healthcare industry of China, Thermo Fisher Scientific has posted major growth figures in China since its establishment in the market in the form of its largest single manufacturing plant, Thermo Fisher Scientific (Suzhou) Instruments Co., Ltd, in 2011.
SND’s medical device industry has seen an average annual growth rate of over 30 percent in recent years. Related firms, from both home and abroad, exceeded 300 in number at the end of 2018, up from 87 in 2011, according to SND director Wu Xinming. Revenue generation by SND’s biotech and new pharmaceutical industries were clocked in at more than 10 billion Yuan (around 1.4 billion USD).
In the January-June period, Jiangsu province ranked first nationwide by utilizing 15.25 billion USD of foreign investment! Woah!
Seeing these results creates a question if the friction between the US and China lead to the suffering of the business?