Heilongjiang Province, the utmost northern province in the country with the lowest temperatures in winter, will become a hotspot for attracting investment, said a top economist from Taiwan Province.

Speaking at the third World Summit of Chinese Entrepreneurs Organizations, which concluded yesterday in Harbin, capital of Northeast China's Heilongjiang Province, Vincent C. Siew, chairman of the Cross-Straits Common Market Foundation and a renowned professor at the National Chengchi University (NCCU) in Taiwan, spoke highly of the province's huge investment potential and called for the Chinese entrepreneurs not to miss the opportunity to become involved with the province.

"Heilongjiang Province was among the first to adopt a planned economy, but was one of the last converted to a market economy in the country," Siew said. "Thus, the lateness in adopting a market economy also means huge opportunities."

"As one of the country's old industrial bases, the province's sound industrial foundation and abundant natural resources are its unique magnets for attracting more investment," he added.

"Regional advantages of the province, which is near the Far East region of Russia, the Republic of Korea and Japan, also adds to its appeal of being an ideal destination for investment," he said.

More than 400 domestic and overseas Chinese entrepreneurs from 86 trade organizations in 26 countries and regions in the world took part in the three-day event, which started on Tuesday.

Shen Danyang, vice-president of the International Trade and Economic Research Institute under the Ministry of Commerce, shares Siew's view.

The central and western regions as well as the old industrial bases in Northeast China are becoming new hotspots in attracting investment from overseas Chinese entrepreneurs, with their foreign direct investment (FDI) growth surpassing the national average last year, Shen said.

Abundant natural resources, a good manufacturing basis, large numbers of efficient technicians, and low labour costs in the region will prove to be advantages in the near future, he said.

"The country's strategy to revitalize old industrial bases in northeast region also gave a boost to Northeast China to improve its investment environment," Shen said.

Shen said overseas Chinese entrepreneurs are the real backbone in contributing investment to China.

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