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In 2002, Beijing authorized the establishment of 1,370 foreign-funded enterprises, pulling in contracted foreign capital of US$5.5 billion, 70 percent more than that of the previous year. According to Li Zhao, director of the Beijing Foreign Trade and Economic Cooperation Commission (BFTEC), transnational companies made new progress in investment in Beijing last year. Nestle established a regional headquarters in Beijing and LG Electronic Appliance Co., from the Republic of Korea (ROK), also set up a research center in the city. In addition, 17 overseas companies, including the Smithkline Beecham Group, all stepped up their investment in Beijing with a total increase of US$858 million. Li praised the efforts of domestic enterprises in finding new ways to attract foreign investment. Last year, Beijing Taxi Company and Hong Kong's Kowloon Motor Bus Company co-established a joint-stock enterprise. Many foreign-funded enterprises, including Beijing Sanyuan Food Company and Badaling Tourism, were all successfully transformed into joint-stock corporations in preparation for being listed in China. According to statistics from BFTEC, more foreign capital flew to the city's tertiary industry in 2002, which includes the service industry, transport, housing and tourism. Beijing altogether approved 783 foreign-funded projects in tertiary industry, with an intake of US$1.72 billion of contracted foreign capital, 9.6 percent more than the previous year and 86.2 percent of which was involved in areas including real estate, social services and modern logistics. Last year, five enterprises opened logistics branches in Beijing, including the Taiwan-based Synnex Tech. International Corp. The retail giant Wal-Mart also set up a joint-venture travel agency in Beijing. In addition, an increasing amount of foreign capital was attracted to the manufacturing industry. Li Zhao considered the bright prospect of China's political and economic development as well as the great business potential from Beijing's successful bid for the 2008 Olympic Games as major factors leading to the steady growth of foreign investment. According to Li, Beijing will further encourage foreign investment in accounting, building design, telecommunications, education, environmental protection, tourism and some other service sectors in 2003.