Sanofi to Invest $1 Billion in New Insulin Manufacturing Site in China
Sanofi plans to invest around €1 billion ($1.1 billion) in the construction of a new insulin production facility in Beijing – the company's largest single investment in China to date. This was reported by Reuters and other news agencies.
With the new plant, to be located in the Beijing Economic and Technological Development Zone, the Paris-based French drugmaker wants to significantly expand its production capacity in Asia, the company explained via the Chinese messaging service WeChat. The new plant will allow Sanofi to focus more on the needs of local diabetes patients.
The new production facility would be the company's second site in the Chinese capital Beijing and the fourth in the whole of China.
Beijing is currently courting foreign companies to strengthen their local presence, as international investment in China has declined in recent years.
At a meeting with Frederic Oudea, chairman of the Sanofi board of directors, in Beijing on Monday, Chinese Commerce Minister Wang Wentao said China will support all businesses equally in technological innovation and participating in market competition, as a ministry statement said.
China will continue to open up its market, and is committed to building a business environment for companies including Sanofi to operate and develop with "peace of mind," Wang added according to Reuters.
