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Amway, the global consumer goods giant, announced yesterday it will invest US$120 million in its Chinese operations.

The new investment will increase the US-based company's paid-up capital in China to more than US$220 million, Amway said in a statement.

The majority of the latest injection of funding will be used to expand food and nutrition supplements production at Amway's manufacturing plant in Guangzhou, capital of South China's Guangdong Province.

"The new investment demonstrates our firm confidence for the market prospects in China," said Amway Chairman Steve Van Andel. "China has become one of the most important overseas markets for Amway and is also the fastest-growing market."

Last year, Amway reported sales of 6 billion yuan (US$725.5 million) in China, up from 4.8 billion yuan (US$580.4 million) in 2001.

"The US business community is very happy to see that the Chinese Government has taken swift action to fight SARS (severe acute respiratory syndrome) and foster the confidence of trade partners and investors in China," said Van Andel.

He is also president of the International Policy Committee of the American Chamber of Commerce.

The chamber consists of more than 3 million US companies.

Amway's base in Guangzhou currently manufactures household cleaning materials, personal care products, cosmetics and nutrition supplements, and has a maximum production capacity of 10 billion yuan (US$1.2 billion).

The Guangzhou factory, which started production in 1995, is now Amway's biggest manufacturing plant outside the United States.

The company has also invested 240 million yuan (US$29 million) in building more than 100 direct sales stores in China with 70,000 employees.

Amway plans to build 50 to 100 new stores in China during its current fiscal year ending on August 31, 2003.

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