Why AstraZeneca Keeps Investing in Qingdao

The story of multinational companies in Qingdao | AstraZeneca United Kingdom: favorable conditions, supportive policies, and an enabling environment are the confidence to increase investment in Qingdao

On June 18, the 6th Qingdao Multinationals Summit was held as scheduled. In order to better tell the "Qingdao story" of the business environment during the summit, Phoenix.com Qingdao specially planned the special topic "Qingdao@World Qingdao Stories of Multinational Companies". Tell new stories about multinational companies choosing and investing in Qingdao through dialogue, convey to the world the good news that Qingdao is building a first-class business environment, open up channels for foreign capital to understand and choose Qingdao, and build a bridge to enhance mutual trust.

Hu Yiqing, Vice President of AstraZeneca China and Head of Rare Disease Business Unit

 

On the eve of the 6th Qingdao Multinationals Summit, on May 16, the Information Office of the Shandong Provincial Government held a press conference with the theme of "Shandong in Action to Serving Multinational Corporations". Interestingly, the press conference was held directly at the AstraZeneca Qingdao Inhalation Aerosol Production and Supply Base located in Qingdao High-tech Zone.

 

"It’s honored to have participated in the Qingdao Summit for many consecutive years and to exchange development experiences in China with leaders of other multinational companies. I also look forward to using the platform of the summit to further deepen cooperation with partners from all walks of life and jointly promote the innovation and development of China's pharmaceutical industry." said Hu Yiqing, Vice President of AstraZeneca China and Head of Rare Disease Business Unit.

 

During the Qingdao Summit last year, AstraZeneca initiated the "Shandong Rare Disease Industry Development Alliance" to promote exchanges and integration among government, industry, academia, research, medicine and investment, and support the creation of a regional industrial innovation highland.

 

When it comes to rare diseases, AstraZeneca is collaborating with multiple partners in Shandong to promote early screening and diagnosis, while supporting the establishment of Centers of Excellence (CoE) for rare diseases to enhance standardized treatment. To date, AstraZeneca has supported the creation of 133 rare disease CoE across China, including 10 in Shandong province, three of which are located in Qingdao.

 

In Shandong, AstraZeneca enjoys a bond as steadfast as that of "old friends" among multinational corporations. The company has repeatedly increased its investments in Qingdao and has participated in all five sessions of the Qingdao Multinationals Summit. It can be said that AstraZeneca exemplifies the deep integration of multinational corporations with Qingdao's economy.

"Shandong and Qingdao boast prime geographical positioning, robust industrial foundations, and comprehensive manufacturing systems. In recent years, they have vigorously developed the biopharmaceutical industry, introduced numerous policies and measures, and continuously optimized the business environment. Moreover, the government’s commitment to supporting foreign enterprises, along with its dedicated, professional, and efficient services, reinforces our determination to grow in Shandong and Qingdao," praised Hu Yiqing.

 

It is precisely these "favorable conditions, supportive policies, and an enabling environment" that have enabled AstraZeneca to expand its footprint and investments in recent years.

 

In Qingdao, AstraZeneca has established a regional headquarters (one of its five regional headquarters globally) and invested $750 million to build an inhalation aerosol manufacturing and supply base. Additionally, the Qingdao sub-fund under the AstraZeneca-CICC Medical Industry Fund was launched late last year, raising RMB 1 billion in capital. The fund has already completed its first investment, which was secured in Qingdao High-Tech Zone. At this year's Qingdao Summit, AstraZeneca announced further plans to increase its investments in Qingdao.