Twenty-six projects whose contract capitals account to nearly 2 billion dollars were signed during the Hangzhou Investment & Cooperation Week, which opened with an opening ceremony and International Investment & Cooperation Summit on October 24.

The cooperation projects—one domestic and 25 foreign—involve a total investment sum of $1.937 billion and a total contract sum of $1.062 billion. The projects cover a wide scope, including the manufacturing industry, software development and real estate.

Sixteen of the projects are worth more than $50 million, totaling $1.749 billion in general and $929 million in contracts. More than $100 million and a contract sum of $557 million have been invested in six of the projects.

Among the projects, France-based Pharmaceutical leader Sanofi-Aventis and Hangzhou Minsheng Pharmaceutical Group Co Ltd plan to set up a joint venture for vitamins and mineral substances. German supermarket operator Metro group will establish a chain in Hangzhou.

Yulon Motor Co Ltd, an automaker in Taiwan founded as a machinery company in 1953 and best known for building Nissans under license, will open a branch dealing in auto parts in Hangzhou.

As an important part of the 2009 Hangzhou West Lake International Expo, Hangzhou Investment & Cooperation Week has attracted 1,500 business professionals from abroad and 800 business people from other cities in China.

“Hangzhou is the best place for investment in China,” said Zhang Yingxin from the Investment Promotion Affairs Bureau of the Ministry of Commerce when recommending Hangzhou’s investment environment.

Many businesses come all the way to Hangzhou for its fame and capacity, according to Huang Xianfeng, deputy CEO of Pacific Region Branch, World Bank. Huang said he was happy to see that Hangzhou has been boosting the development of low-carbon industries, biology industries, new energy and new material industries, which,he believes is the future tendency of economic expansion. Huang also said he believes in Hangzhou’s future, its profitability and investment environment.

The financial crisis is still a key word at the Hangzhou Investment & Cooperation Week. The recent economic recovery has been stimulated by the relevant policies implemented by all countries, Huang said, adding he was still skeptical on its consistency by gesturing a question mark in the air.

In spite of the impact, enterprises from Europe and the US are showing great interest in China. According to incomplete statistics, more than one thousand business people engaged in various industries, business, real estate, modern logistics and outsourcing will come to China.

By Casey