The American Chamber of Commerce in South China has over 2,300 members. (Photo : Twitter)
For the American Chamber of Commerce in South China, the country still offers massive opportunities for foreign firms despite the slowdown in its economy.
Harley Seyedin, the group's president, noted that in its over 2,300 members, none have left China during the past decade. AmCham affiliates account for around 40 percent of the U.S.-China business trade and investment.
In an interview, Seyedin also told the Xinhua News Agency that AmCham eyes to "invest $12 billion this year."
Meanwhile, the AmCham president also shared that during the past 13 years, he also noticed some changes. "The role of our companies has changed as China has changed," he remarked.
"Our companies came here in 2003, when less than 23 percent of our member companies were actually selling the products they manufactured here to the Chinese people," he added.
However, the group's recent study states that 75 percent of its member firms are no longer thriving in the export business. "They are here primarily producing goods and services for the Chinese market," he said.
With this in mind, Seyedin emphasized that they should move up their value chain in order to provide value-added products for the lucrative Chinese market.
"China no longer needs to be the factory of the world . . . because the world is eventually going to be the factory of China," he said.
Asked about the coming years, the AmCham head was upbeat. He noted that the growth of China demands infrastructure while its aging population demands health care.
Seyedin added that education and tourism development would mean more opportunities for foreign companies eyeing to set foot on the world's second largest economy.
