Tianjin Economic-Technological Development Area, or TEDA, is charting more preferential policies for foreign companies, said a senior official of the development zone.

"TEDA will continue to fulfill its commitment to higher-standard opening-up and accelerate reforms and quality development," said Hong Shicong, director of the administrative committee of TEDA, during the zone's 40th anniversary celebration on Thursday.

Among the first batch of national-level economic and technological development zones in China, Hong said TEDA will continue intensifying implementation of the pilot free trade zone enhancement initiative, and strive for more proactive policy trials.

With more opening-up efforts in the pipeline, the development zone aims to take the lead nationwide in making breakthroughs in more areas, such as cross-border data flow, telecommunications and high-end foreign-funded hospitals, Hong said.

TEDA said that as of the end of 2023, it had become home to 53,400 companies. Since its establishment until the end of last year, the zone had utilized foreign investment totaling $69.56 billion from 97 countries and regions, covering 573 projects from 124 Fortune Global 500 companies.

Additionally, foreign-invested enterprises in TEDA contribute about 45 percent of the area's tax revenue, nearly half of its GDP and over 70 percent of its industrial output value.

Many major companies, such as FAW Toyota, FAW-Volkswagen, Sinopec, CNOOC and Novo Nordisk, set up facilities or offices in TEDA, making it a powerhouse for industrial innovation and collaboration, Hong said.

Ryu Kyeong-woo, general manager of Tianjin Samsung Electro-Mechanics Co Ltd, said, "We benefit from TEDA as a company involved in electrical products, of which the industrial value reaches 1 trillion yuan ($137.6 billion) in the zone."

Attracted by the favorable policies and the business environment, some multinational corporations relocated their research hubs and engineering facilities to TEDA.

Yan Caiming, general manager of PPG Asia-Pacific, said: "Of PPG's only two research centers worldwide, one is in the United States and the other is in TEDA, as we are attracted by the talent there."

Many executives deem the zone to be a key investment hub.

Michael Griffin, a former executive with Otis China, said TEDA has superior infrastructure and supportive policies leading its settled enterprises to success.

Jochem Heizmann, former president of Volkswagen AG's China operations, said the administration and operation of TEDA align with development strategies of Volkswagen, particularly in the realm of advancing new energy vehicles.

Looking ahead, TEDA will seek a bigger role in projects related to the Belt and Road Initiative for development, said Hong, adding that since 2016, enterprises in TEDA have also executed 184 outbound investment projects worldwide, with a total value of $4.45 billion.