By opening a branch in China's northwest Xinjiang Uygur Autonomous Region, Dow Chemical Co. said it has become the first global chemical company with operation in this part of the country.
Dow launched its Xinjiang business center on Sept. 29 in Urumqi, Xinjiang's capital city.
The move is part of a wave of multinational firms stepping up their involvement in Xinjiang, as the Chinese government pushes for more openness and economic development in the region, Dow said. This year is the 60th anniversary of the establishment of the Xinjiang Uygur Autonomous Region.
Dow said it's an important milestone for its business strategies in Greater China, and it's an active response to the Chinese government's “One Belt, One Road” plan.
Local officials as well as some of Dow's business partners, including Kingfa Science & Technology Co. Ltd., attended the inauguration ceremony.
President of Dow Greater China Peter Wong said the new office in Xinjiang enables the company to expand its geographic presence, now covering every single key economic region in China. The new site, more than 4,000 kilometers away from Dow's China headquarters in Shanghai, now offers more in-time local services for customers in the region, he added.
Xinjiang managed to maintain doubt-digit GDP growth rate last year even as the national GDP rate dropped to 7.3 percent. The region boasts 30 percent of China's oil reserves, 34 percent of national gas reserves and 40 percent of coal reserves.