Invista – a global leader in chemical intermediates and polymers – announced on Aug 8 the completion of its major expansion program at its nylon 66 production facility in Shanghai's Chemical Industry Park.

The expansion, which involved an investment of approximately 1.75 billion yuan ($243.81 million), has doubled the plant's annual production capacity to 400,000 metric tons.

Kyle Redinger, vice-president of Invista and head of the Nylon Intermediates business in the Asia Pacific region, is optimistic about the future.

"With China poised to become the world's largest nylon consumer, this increased capacity will meet immediate demand and pave the way for future growth," he said.

The expansion is part of a larger trend of growing foreign investment in China. According to the Ministry of Commerce of the People's Republic of China, 26,870 new foreign-invested enterprises were established in the country in the first half of the year, an increase of 14.2 percent over the previous year.

A report by Kearney, a global management consulting firm, further underscored the trend, noting that China's foreign direct investment confidence index rose from seventh to third globally – making it the top destination among emerging markets.

In a related development, Nippon Paint, a leading global paint and coatings company, announced a significant investment in Shanghai on Aug 3 – further demonstrating the growing confidence of foreign companies in China's economic prospects.