Sanofi's Investment in Beijing

SHANGHAI (Reuters) – Sanofi plans to invest around 1 billion euros ($1.05 billion) to establish a new insulin production base in Beijing. This investment marks the French drugmaker's largest single investment in China, as stated by the company on Monday.

The facility will be located in the Beijing Economic and Technological Development Zone, marking Sanofi’s fourth production and supply base in China.

China aims to strengthen its economic ties with individual European Union members, despite recent tensions in trade relations, notably involving allegations of subsidies to the electric vehicle industry.

In a meeting with Sanofi Chairman Frederic Oudea in Beijing, Chinese Commerce Minister Wang Wentao affirmed that China will ensure equal support for all businesses in technological innovation and market participation. He emphasized the commitment to sustaining a welcoming business environment for companies like Sanofi.

(Note: $1 = 0.9500 euro)