Representatives of foreign companies gather at the award ceremony on June 10. [Photo/WeChat account of Optics Valley of China]

"Foreign companies and firms funded by Hong Kong, Macao and Taiwan-based investors are a major contributor to OVC's economic development. Optics Valley of China encourages global entrepreneurs and all kinds of high-end personnel to start businesses here. The valley will spare no efforts to serve their purporses," said the host at a foreign-invested firm award ceremony held on June 10 in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC).

The event was held both online and offline, inviting 30 Fortune 500 enterprises, firms funded by Hong Kong, Macao and Taiwan-based investors, and representatives from The British Consulate-General in Wuhan and The Consulate General of the United States in Wuhan.

Local foreign corporations were awarded based on their contributions to investment, the economy and society.

Meanwhile, the 3.0 version of OVC's foreign investment policies was released, encouraging foreign companies to start or expand businesses and establish their regional headquarters in OVC, sending promising signals to foreign enterprises and demonstrating the valley’s resolve to enlarge its foreign investment scale.

In 2021, OVC posted $2.44 billion in foreign investment in actual use, with foreign direct investment standing at $677 million and accounting for one-third of Wuhan's total. The valley is currently home to more than 1,200 foreign-funded companies, including nearly 100 Fortune 500 enterprises.

Foreign companies that establish headquarters in the valley will be granted a one-off subsidy of 1 million yuan ($147,900), while foreign enterprises purchasing land for business use will receive a 10-percent allowance of land expenditures, with the maximum allowance being 5 million yuan.