In a bid to expand its international economic footprint, the Luohu District of Shenzhen, Guangdong Province, has launched a new initiative targeting Spain and Portugal. Following a recent tour of the Asia-Pacific region, the district is focusing on forging economic and trade relationships within the European market.
The China (Shenzhen•Luohu) – Portugal (Lisbon) Economic and Trade Cooperation and Exchange Conference, held in Lisbon on Thursday, saw participation from over 30 prominent Portuguese firms and institutions. Notable attendees included the Oveiras Valley Investment Agency (OVIA) and Timing Group, which expressed strong interest in forming partnerships with Luohu across various sectors.
The event represented a crucial step in developing cooperative ventures between Luohu and key Portuguese business stakeholders. Areas of potential collaboration highlighted included healthcare, finance, media, business services, and cultural tourism.
Luohu, strategically located in Shenzhen, a hub of rapid economic growth and innovation, has a robust economic foundation. The district, which contributes significantly to Shenzhen’s financial and commercial success, is a leader in finance, commerce, business services, and cultural creativity, as well as in gold and jewellery industries.
Currently, the service sector dominates Luohu’s economy, accounting for 94% of its GDP. The district hosts over 100 licensed financial institutions, including global firms such as PwC, EY, and Deloitte. In recent years, Luohu has actively pursued growth in the health sector, with a focus on medical aesthetics, innovative medical devices, and life sciences.
The district has also prioritised the development of precision medicine and high-end health preservation. In 2023, Luohu established 32 innovative platforms in the medical and health fields, including the Shenzhen-Europe Innovation Medicine and Health Research Center. This centre, a collaborative effort with the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences, aims to attract international talent and foster innovation.
Luohu’s commitment to advancing the medical cosmetology sector is evident from its recent policies. At the end of 2023, the district introduced 10 new measures to support and regulate medical aesthetics, including the establishment of a medical aesthetics consumption hub and initiatives to enhance service quality both online and offline.
During its visit to Spain and Portugal, the Luohu delegation made substantial efforts to promote the district’s favourable business environment and attract international investors. The delegation met with industry leaders from Global Media Group, Joinko Group, and EFG International in Lisbon, underscoring Luohu’s dedication to building global partnerships and fostering international collaboration.
The delegation’s activities are part of Luohu’s broader strategy to increase its global presence and drive foreign investment, reflecting the district’s ongoing economic dynamism and commitment to international business development.