Hainan free trade port signs 12 foreign-funded projects

A total of 12 overseas enterprises, including tourism giant TUI Group from Germany, signed cooperation agreements on major projects within the free trade port in South China's Hainan province on Aug 13.

A total of 59 major projects, including 12 foreign-funded and 47 domestic ones, were agreed, covering tourism, the modern service industry and high-tech industries, with an estimated total investment of 14.2 billion yuan (about $2 billion).

A representative of TUI Group said the signing marks the tourism magnate's formal entry into the Hainan free trade port, adding that it will found an Asian-Pacific regional headquarters and joint venture here to further deepen its business relations with China and the Asian-Pacific region.

The signing ceremony also unveiled 20 investment-promotion projects that are open to global investors, in areas such as new-energy vehicles, tourism, offshore trade and duty-free retail.

On June 1, the country released a master plan for constructing a free trade port on Hainan, a resort island with tourism as a mainstay industry, arousing interest both abroad and at home.