11 Belgian investment projects in China in 2023 & 2024

In the past years there was a lot of negativity about China in the mainstream media and the public opinion. Another myth that keeps coming back is that foreign companies are pulling out of China. OK, it is possible that there are companies that reduced their investments or even exited the Chinese market. However, when looked at those companies in more detail, it can be said that these companies were already underperforming due to economic or operational problems not directly connected to recent market situation.

In reality, we saw quite some new foreign investors entering China or foreign companies increasing their investments in China. Hereunder we listed 11 Belgian investment projects, all in the period from March 2023 to November 2024.

(1) On 18 December 2023 Xi’an Thiebaut Pharmaceutical Packaging, co-founded and invested by Horsten International, held a ceremony to celebrate the foundation laying of its new production site at the newly developed Xixian New Area in Xi’an, Shaanxi Province. Xi’an Thiebaut was set up in 1999 as a joint venture with two Chinese shareholders. See https://www.horsten.be/xian-thiebaut-foundation-laying-ceremony/.

(2) On 1 December 2023 Umicore opened a large-scale fuel cell catalyst plant in Changshu, Suzhou. See https://www.umicore.de/en/media/press-releases/umicore-broke-ground-for-its-large-scale-fuel-cell-catalyst-plant-in-china/.

(3) On 18 March 2023 Tessenderlo Group’s business unit PB Leiner opened a fish collagen peptide plant in Hainan. See https://www.pbleiner.com/en/insights-news/news/festive-inauguration-fish-collagen-peptides-plant-hainan-island-china.

(4) On 12 March 2024 Arteco opened a new coolant production plant in Nantong, Jiangsu province. See https://www.arteco-coolants.com/en/inauguration-new-production-plant-china.

(5) On 4 November 2024 the Jensen-Group opened its third factory in Xuzhou, China, demonstrating the company’s commitment to China. See https://shanghai.bencham.org/news/jensen-group-expands-presence-china and https://www.linkedin.com/company/jensen-group/posts/?feedView=all.

(6) On 21 May 2024, Barco opened the Barco (Wuxi) Technology Co., Ltd. production and R&D center. The opening of Barco Wuxi demonstrates Barco’s commitment to deeply cultivate the Chinese market. Barco’s strategy is not only “In China, for China”, but also “In China, for the world”. See https://www.barco.com/en/inspiration/news-insights/general/grand-opening-of-barco-wuxi-boosts-competitiveness-in-china-s-projection-market.

(7) Also on 21 May 2024 Belgian company Vandewiele opened a state-of-the-art factory in Wuxi. See https://vandewiele.com/news/grand-opening-of-our-state-of-the-art-factory-in-wuxi-china.

(8) On October 9th 2024, the groundbreaking ceremony for the Belgian Jati & Kebon’s Outdoor Leisure Products Operation Center project took place in Nanjing’s Gaochun development zone. The total investment is approximately 45 million USD, with a registered capital of 15 million USD. Upon completion in August 2025, it will serve as their Asian headquarters, with an expected annual output value of up to 400 million RMB. See https://shanghai.bencham.org/news/belgian-leader-outdoor-furniture-settles-greater-shanghai.

(9) On October 16th 2024, the grand opening of Belgian company Reynaers‘ Shanghai flagship store took place at the Xiyingmen International Pavilion in Shanghai. Reynaers aims to grow within the Chinese market through sustainable innovations and high-quality services, marking a new chapter in high-end system solutions. See https://shanghai.bencham.org/news/reynaers-expands-china-grand-opening-shanghai-flagship-store.

Finally, two other recent Belgian investments in China:

(10) The Belgian producer of silicones and PU foams Soudal is investing EUR 60 million in its existing factory in China. It is expected to be opened at the end of 2025. According to CEO Dirk Coorevits, at full capacity, this new plant should serve the entire Southeast Asian market and generate 150 million euros in turnover. See https://www.tijd.be/ondernemen/algemeen/de-dip-in-china-is-tijdelijk-maar-wapen-je-tegen-steeds-betere-chinese-concurrenten

(11) In November 2024 Orfit, a Belgian company officially opened its new Chinese factory for thermoplastic masks for radiotherapy. See https://www.linkedin.com/company/orfit-industries/

As demonstrated by the above, luckily most international companies, multinationals as well as SMEs, adopt a rational approach: they analyse the global economic landscape and recognise that China remains indispensable for driving new growth, both in terms of the potential of the market, as well as the supply chain opportunities. Companies must remain vigilant, map out scenarios, and be prepared to adapt quickly to these market changes. There are still plenty of opportunities in China!

Please contact us in case you want to discuss the above or you need assistance with your activities or plans in China.