(Yicai) March 21 -- Central China's Hubei province has penned agreements for 80 cooperation projects with a total investment exceeding CNY190 billion (USD26.2 billion).

A series of economic and trade activities held in Wuhan in the past two days resulted in deals of CNY190.1 billion, the provincial commerce department announced. Some 16 projects were signed during the opening ceremony, involving information technology, energy modernization, renewables, software and information services, artificial intelligence, and logistics.

"Hubei offers numerous advantages -- it not only attracts a wealth of highly skilled talent and top students but also fosters a surge of innovation and technological strength," said Jean-Philippe Lamarcade, chairman of the Chinese arm of French energy giant EDF.

"In the near future, we plan to launch a series of investment projects, including but not limited to energy storage and wind power projects, to bring more green energy solutions to Hubei," Lamarcade stated. EDF entered the central province in 2012 and is active in photovoltaic and wind energy across several cities.

Gu Qingping, general manager of Sheneng Carbon Technology, said that this year, the national carbon credit market will expand with the addition of steel, cement, and aluminum industries.

Hubei is an important trading center of carbon emission derivatives in China, and its Wuchang district has significant advantages and strong clustering effects in light of China's dual goal of peaked emissions by 2030 and achieving carbon neutrality by 2060, per Qu. “We are currently in discussions with Wuchang district and are very eager to establish a presence here.”

Geographical Edge

Li Yuanhua, vice president of cold chain logistics provider Yuhu Cold Chain, said that leveraging Hubei's geographical advantages and policy benefits, Yuhu has invested in digital trading parks in Wuhan and Xiangyang, focusing on distributing chilled foods in Hubei and the surrounding areas. Once fully operational, it is expected to achieve an annual transaction scale of over CNY10 billion (USD1.4 billion).

Hong Kong is one of the largest sources of foreign investment for Wuhan, with an average annual growth rate of 5.7 percent in imports and exports over the past five years. Investments are primarily focused on real estate, manufacturing, as well as the sector of information transmission, software, and IT services.

During the ceremony, representatives from over 10 government agencies, organizations, multinational companies, financial institutions, and chambers of commerce from Saudi Arabia, Kazakhstan, the United Arab Emirates, Thailand, Türkiye, and Spain engaged in discussions with nearly 30 representatives from Hubei-based enterprises to explore new cooperation opportunities.

Long Xiaohong, director-general of Hubei's commerce department, said that nearly 330 Fortune Global 500 companies have established operations in Hubei, ranking first among China's five central provinces.

In 2024, Hubei established 650 new foreign-funded enterprises, with actual foreign investment amounting to USD1.9 billion, ranking first in central China. Additionally, the scale of newly signed foreign projects reached USD15.1 billion, ranking second in the country.

Editor: Emmi Laine