(Yicai Global) April 12 -- President Xi Jinping’s recently announced plans to accelerate the opening-up of the Chinese economy will further improve the investment environment in the country and presents future growth opportunities, the head of China operations for multinational drugmaker Merck & Company Inc. says.
“Making further investments requires confidence in the macroeconomy in the long-term and considerable returns in the short-term. After listening to the speech by President Xi and communicating with many companies and government leaders at the Boao Forum, we have gained confidence,” Allan Gabor, Managing Director of Merck in China told Yicai Global in an interview on the sidelines of the Boao Forum.
China’s efforts to upgrade and transform its entire industrial chain will generate new opportunities, he said, adding that government policies have boosted the development of medicine, life science and high-performance material sectors.
The US company has already built two pharmaceutical and life science plants in Nantong in China’s eastern Jiangsu province and is considering expanding capacity in the city.
The drugmaker also set up a China innovation center in February this year to accelerate collaborative efforts with local technology partners. Other major pharmaceutical players such as General Electric Co.’s healthcare arm and Thermo Fisher Scientific Inc. have also increased investment in China in order to compete against fast-developing local players.