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Volume of Hainan's actually used foreign investments in January-August reaches $387 mln

The largest increase in foreign investment was recorded in the cities of Haikou, Sanya and Qionghai

HAIKOU, September 23. /TASS/. The volume of Hainan's actually used foreign investments for eight months of 2020 amounted to $387 million, which is by 33.13% more than in the same period last year, reported Xinhua citing the provincial office of commerce.

In January-August, according to the ministry, 407 new enterprises with foreign capital were registered in the province. The corresponding figure rose by 86.7% year on year. During this period, investors from 50 countries came to the Hainan Province.

The agency writes that foreign investment began to increase particularly fast after the publication of the free trade port's development program. In June-August alone, 255 enterprises with foreign capital were set up in the province, which amounted to 62.65% of the total figure for eight months of 2020. The largest increase in foreign investment was recorded in the cities of Haikou, Sanya and Qionghai.

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments.

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.

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