Sanofi's Largest China Investment Amid EU Trade Tensions
SHANGHAI (Reuters) -Sanofi plans to invest around 1 billion euros ($1.05 billion) to build a new insulin production base in Beijing, which will mark the French drugmaker's largest single investment in China, the company said on Monday.
The site, which will be in the Beijing Economic and Technological Development Zone, will be Sanofi’s fourth production and supply base in China, Sanofi said in its official WeChat account.
China is seeking to strengthen economic ties with individual members of the European Union, even as its trade relations with the 27-nation bloc soured over issues including accusations of Chinese government subsidies to the electric vehicle industry.
In a Monday meeting with Sanofi Chairman Frederic Oudea in Beijing, Chinese Commerce Minister Wang Wentao said China will support all businesses equally in technological innovation and participating in market competition, a ministry statement said.
China will continue to open up its market, and is committed to building a business environment for companies including Sanofi to operate and develop with "peace of mind," Wang added.
($1 = 0.9500 euro)
(Reporting by Brenda Goh, additional reporting by Beijing Newsroom; Editing by Louise Heavens and Jonathan Oatis)
