In September last year, the extended area of China (Zhejiang) Pilot Free Trade Zone was officially unveiled. As an important part of the Hangzhou area of Zhejiang Pilot Free Trade Zone, the upgraded and expanded Qiantang zone embraced its first Fortune 500 project on June 23 - The foundation of the new factory of Panasonic Home Appliances (Hangzhou) Co., Ltd. was laid in the Integrated Free Trade Zone.
Panasonic has been operating in Hangzhou for more than 20 years. It owns five companies in the city, employs nearly 5,200 people, and recorded 13.7 billion yuan in sales last year. Established in 2001 in Qiantang New Area, Panasonic Home Appliances (Hangzhou) Co., Ltd. was among Panasonic’s earliest branches in Hangzhou, and also one of the earliest Japanese-funded enterprises stationed in the Integrated Free Trade Zone (formerly known as Hangzhou Export Processing Zone).
The first phase of the new factory has an investment of 300 million yuan and covers 32380 square meters. It is expected to be put into operation in April 2022 after an 8-month construction, with the main products being washing machine parts, dishwashers and others.
"The new factory will be a venue for the production of smart home appliances and high value-added products, bonded logistics, global supply of appliance parts, flagship stores for cross-border imports on major e-commerce platforms, and exports through eWTP." Said Tetsuro Homma, CEO of China and Northeast Asia Company, Panasonic Corporation.
The rapid development of enterprises like Panasonic is impossible without the friendly business environment of the Hangzhou Integrated Free Trade Zone, where enterprises could enjoy incentives specific to China’s Special Customs Supervision Areas. As a commercial platform connecting Hangzhou to the rest of the world, the Zone is dedicated to bonded manufacturing and cross-border e-commerce. In the first half of this year alone, it has attracted six new projects.