Before I knew it, the clock was striking the final chimes of the year.

Looking back on this year, it feels as though we’ve accomplished quite a bit, yet at the same time, it seems as though we haven’t taken anything to the extreme.

When it comes to overseas investment promotion, it has always been a case of “casting a wide net but reaping little,” but the prerequisite is to cast “ten nets.”

Who hasn’t experienced “nine out of ten nets coming up empty”? Yet, we must still secure that one success.

As the year draws to a close and I reflect on the past, I’d first like to say to all my colleagues in overseas investment promotion: You’ve worked hard!

A city, a couple of people, several months—knocking on doors, connecting on projects, organizing materials, reporting to superiors… working non-stop all day long.

2023 was an exceptionally unique year, and I’d like to use “one word” to reflect on our overseas investment promotion efforts.

(Feel free to leave a comment below—I’d love to see which word or words you’d use to sum it up)

01

Explore—The First Test

This year, upon learning I’d been assigned to a Yangtze River Delta investment promotion post, I felt a mix of anxiety and anticipation.

My hope was: what if I could actually poach some companies from the Yangtze River Delta! Naturally, I also had my share of worries, given the heavy responsibility of investment promotion I was carrying.

Before departure, various departments within the Investment Promotion Bureau conducted several training sessions for the field-based investment promotion officers. The focus was simply on what to do and how to do it.

Every year, the team is led by an official with extensive investment promotion experience, ensuring we aren’t “feeling our way in the dark”—and perhaps even allowing us to “follow the trail to the source.”

For the Yangtze River Delta investment promotion mission, we reached out to business associations, attended industry summits, and partnered with market-oriented investment promotion agencies before proceeding to make visits.

Meeting with companies and discussing partnerships has sparked a fervor for overseas investment promotion, driven by the sense that “time is of the essence.”

Among these efforts, engaging with market-oriented investment promotion agencies left the deepest impression.

Not everyone has access to reliable investment leads. To be honest, without over a decade of investment promotion experience, it’s simply impossible to build up a database of companies seeking new locations.

This time, we explored collaborating with market-oriented investment promotion agencies for the first time. Local governments involved in investment promotion all understand that the primary condition for projects they propose is that they align with the local industrial base and investment needs.

Secondly, the focus is on results: will the project actually materialize? But before seeing the results, what does the process look like?

Early Stage: Regional research, industry analysis, and promotional outreach; Mid-Stage: System development, project identification, and screening/evaluation; Late Stage: Coordination, meetings, and deal facilitation.

To ensure a project is successfully implemented, every step is indispensable, and each must be executed to the highest standard.

Take the initial regional research phase, for example. It involves more than just a single on-site visit; what matters most is providing industrial guidance and conducting in-depth exploration throughout the entire investment promotion lifecycle—from the early stages to follow-up.

Behind the scenes lie countless on-site inspections and meticulously crafted industry research reports… These provide not only deep insights, robust support, unique perspectives, and forward-looking forecasts, but also cut straight to the heart of the matter, staying firmly anchored to the fundamental starting point: “Conducting research to attract enterprises in specific sectors.”

For overseas investment promotion, the key lies in “selecting just one scoop from the vast waters.” Based on the investment promotion direction determined by industrial research, we identify the specific regions where local enterprises should be targeted.

Overseas investment promotion has always sought to answer the questions: “What do we have? What do we need? Where should we recruit? And whom should we target?”

02

Expansion—Expanding the Network

In an unfamiliar environment, how to quickly and accurately connect with resources is a persistent challenge for overseas investment promotion.

Upon arriving in Suzhou to conduct investment promotion, the first task was to expand our “network.”

From the very first day of our arrival, we worked tirelessly, day and night, visiting local chambers of commerce, well-known enterprises, and consulting firms in the surrounding areas of Southern Jiangsu.

After a month of “getting to know people and building connections,” we had established the initial framework of an “investment promotion network” in southern Jiangsu.

To attract projects, one must first identify target companies and understand the industries and sectors they operate in, including specialized knowledge of those industries and products.

In fact, the more projects you review, the greater the likelihood of closing a deal. Basically, whenever I heard of industry forums or corporate networking events, I made time to attend.

On one hand, this allowed us to meet more business partners, build familiarity, and forge friendships; on the other hand, it ensured we were well-prepared with the necessary knowledge to engage in targeted, articulate conversations with them.

In overseas investment promotion, visiting 30 to 40 companies might yield 10 leads. Of those 10 leads, only 3 may express investment interest, and the number that ultimately result in actual investment is even smaller.

Knock on the right door, meet the right people, and pinpoint the right opportunity . Every step of this “vine-like” investment promotion approach exudes precision.

Take a photovoltaic module project, for example: the company required a 1:1:1 custom layout for its raw materials warehouse, production workshop, and finished goods warehouse. Setting aside other factors, this specific site selection requirement alone stumped many investment promotion officers stationed in other regions.

The optimal solution was to engage a local industrial real estate developer to construct the factory on their behalf, with the layout of the site tailored to the project’s specific production requirements.

Looking back, if we had had such a “network of contacts,” this project would naturally have found a home.

03

Seize—Seize Opportunities

This year, my strongest impression after traveling post-Spring Festival was the intense competition among regions; whoever initiates contact first gains the upper hand.

With the easing of pandemic control measures, many regions across the country have gone “full throttle” in boosting their economies, demonstrating their determination to attract and utilize foreign investment through concrete actions, including “going global” to recruit investors.

Consequently, this year has become exceptionally hectic for overseas investment promotion efforts.

In addition to receiving greater attention , some local governments are sending delegations led by senior officials to conduct on-site investment promotion, striving for a “flatter” organizational structure to ensure the most efficient decision-making.

Although based in the Yangtze River Delta, our overseas staff go wherever information and investment opportunities arise.

Around the middle of the year, we learned that the chairman of a new energy company was planning to visit his factory in Shenzhen. The investment promotion team immediately set out to book train tickets to Shenzhen. Along the way, they seized the opportunity to invite the company to visit our region.

Armed with analytical reports and an industry roadmap in mind, they eloquently presented national strategies, industry prospects, details of leading enterprises, a breakdown of the industrial chain, as well as the industrial foundations and competitive advantages of each county and district—all thoroughly analyzed in advance.

Site visits, connecting with local upstream enterprises, and meetings with municipal leaders… The day’s itinerary was packed, covering aspects the chairman hadn’t even considered.

About a month later, the company expressed its intention to collaborate with the local area. Behind this partnership lies the fact that by seizing the earliest opportunity for communication and putting ourselves in the company’s shoes, we were able to gain the project partner’s approval.

This is especially true in Yangtze River Delta cities, where resources may seem plentiful, but companies are extremely “picky.” Sometimes, missing out on a single project means missing out on an entire industrial chain, and it can even impact the local industrial structure.

It’s like going to war: overseas investment promotion serves as the vanguard. Wherever there are projects, that’s where we go to “make our pitch.”