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China biggest foreign investor in Germany

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China biggest foreign investor in Germany
Not a takeover, but Dietfurt's 'Chinese Fasching' day last month. Photo: DPA
14:32 CET+01:00
China was the top foreign investor in Germany last year, ahead of the United States, Switzerland and France, the government development agency Germany Trade & Invest said on Thursday.

China invested in 158 projects, while the US invested in 110, Switzerland in 91 and France in 53, GTAI said in a statement.

Nevertheless, Europe combined accounted for around half of total foreign investment in Germany, the agency added.

One in five investment projects - most of which involved the establishment of new sites in Germany - was in the mechanical engineering or automotive sectors and 13 percent were in new technologies, while renewable energy accounted for around six percent of projects.

Earlier this week, Chinese automotive supplier Heibei Lingyun Industrial Group Corporation agreed to buy Kiekert, a German maker of latch systems for cars.

And in January, Chinese construction equipment giant Sany Heavy Industry acquired Putzmeister, a German family-owned engineering firm, in what was described as one of the biggest deals in the so-called "Mittelstand" sector that makes up the backbone of the German economy.

AFP/hc

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