Mars and FAW-Volkswagen inject fresh investment in Tianjin
A substantial surge in foreign investment in the coastal city of Tianjin reflects the confidence of multinational corporations in investing in China.
On May 15, US-based pet food company Mars and the Sino-German joint venture FAW-Volkswagen announced new capital injections of up to 3.3 billion yuan ($456.3 million), flocking to the Tianjin Economic-Technological Development Area, a pivotal zone within the Binhai New Area.
On that day, Mars, the global pet care giant, inaugurated operations at its new Tianjin pet food factory, which involved an investment of $137 million.
Besides, FAW-Volkswagen signed an agreement with the administrative committee of TEDA to invest over 2.3 billion yuan to introduce three SUV models at the FAW-Volkswagen Tianjin Plant.
The production line for these models is expected to be operational by 2026.
