Xiamen Torch Development Zone for High Technology Industries () was jointly established by the former State Scientific and Technological Commission and the Xiamen municipal government in 1990 and has gradually developed into "one zone with multi parks". A favorable investment environment and high returns has made the zone into a hot spot for foreign investment. Bourns Inc. of the United States concluded the zone the most ideal target for foreign investors in China. Some of the world's top 500 companies such as Dell, ABB Switch, ABB Low-Voltage, ABB High-Voltage, Panasonic, FDK, Xiamen Tungaloy, and Fujitsu are rapidly expanding their operations in Xiamen. The zone is oriented towards information technology, biotechnology, new energy, new materials, oceanology, advanced manufacturing, and environment technology. Most of its exports go to countries and areas such as the US, Japan, Southeast Asia, West Europe, Hong Kong, Macao and Taiwan. Hi-tech exports include computers, color monitors, microscopes, power supply units, integrated circuits, stepping motors, wireless telephones, switching equipment, tungsten carbide micro-drills, and similar products.