BERLIN/NANJING - Beumer Group, the 500th German company to settle in the eastern Chinese city of Taicang was honored with a commemorative plaque during a ceremony at its headquarters in Beckum, North Rhine-Westphalia, Germany, on Monday.

Since the arrival of the first German enterprise in 1993, Taicang has attracted 500 German enterprises. The first 100 German enterprises came to Taicang in a span of 14 years, but it only took two years for the last 100 German enterprises to come and settle in the city in Jiangsu province.

Becoming the 500th company to settle in Taicang on Jan 4, Beumer Group plans to invest a total of 100 million euros, with an annual output value of up to 1.4 billion yuan.

"The settling-in of the 500th German company is a milestone in Taicang's cooperation with Germany," said Wang Xiangyuan, Party chief of Taicang at the awarding ceremony, adding that Beumer Group's products are highly compatible with Taicang's logistics and material trade industry.

Founded in 1935, Beumer Group produces large logistics conveying equipment sold to over 70 countries worldwide. The group has a wholly-owned subsidiary in Shanghai, serving major airports and logistics companies both domestically and internationally.

Taicang is committed to creating a market-oriented, rule-of-law, and internationalized business environment to support the development of German enterprises, he said.

Over the past 30 years, as the "hometown of German enterprises" in China, Taicang has consistently strengthened cooperation with Germany, in areas ranging from the economic realm to culture, education, and sports.

The city has hosted events such as beer festivals, marathons, and Sino-German artist salons for over a decade. Germany's renowned dual system of vocational education and training has found a seamless fit in Taicang, making the city an increasingly desirable place of residence for Germans.

"Our dialogue with Taicang is very positive, and Taicang always responds quickly to our needs and is very supportive," Rudolf Hausladen, CEO of Beumer Group, said in an interview with Xinhua at the site of the awarding ceremony.

He added that there are many growth opportunities in the Chinese market, and Beumer Group hopes to double its business in China in the next 10 years.