From the Youyang County Government in Chongqing, a series of textile companies from Hong Kong and Jiangsu Province are set to invest 1 billion yuan in establishing the largest denim processing park in western China at the Youyang Industrial Park. The first wave of enterprises has already officially registered and begun operations. According to recent reports, under the project's development plan, the industrial park aims to build a major denim production base with 30 textile companies within the next three years, positioning itself as the leading production hub in western China. So far, Chongqing Gold Coast Garment Co., Ltd. and Chongqing Hepeng Garment Manufacturing Co., Ltd. have already settled in, investing a combined total of 300 million yuan.
According to officials from Youyang County, the region's competitive advantages in attracting foreign investment include affordable land costs, lower labor expenses, and favorable policies. Currently, the comprehensive land transfer price in Youyang Industrial Park is only 50,000 yuan per mu, significantly lower than the three times higher rates seen in coastal regions. The average wage for local workers is around 1,000 yuan per month, roughly half the cost of labor in coastal areas. In addition, the park has introduced new investment incentives: companies investing over 5 million yuan in fixed assets can receive rent subsidies for 1 to 5 years. Enterprises that make a one-time investment of over 10 million yuan will also be eligible for a 15% income tax reduction and will receive 1 mu of land for every 1 million yuan invested. These measures are expected to further boost the park’s appeal and drive long-term industrial growth in the region.
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