Shanghai signs up new multinationals in investment drive

Ding Yining
City welcomes a new batch of global companies in the latest round of investment promotion initiatives to strengthen its foothold to attract more players from overseas.
Ding Yining

Editor's note:

Shanghai, a well-established destination for investment from home and abroad, is confident it will attract more quality investment thanks to better policies and services.

Shanghai signs up new multinationals in investment drive

Shanghai has signed up with a new batch of multinationals to increase investment amid a latest round of investment promotion initiatives to strengthen its foothold to attract more overseas players.

Investment deals totalling US$6.47 billion from 63 foreign investment projects were agreed on Tuesday, covering key industries such as biomedicine, electronic information, automotive and digital economy, low-carbon.

A total of 34 multinationals' regional headquarters and 17 research and development centers were also accredited on Tuesday.

The first batch of 10 professional service providers have been accredited as official partners for Shanghai's foreign investment promotions as the city seeks to better leverage their expertise and operations network to expand its influence and appeal to overseas investors.

Leading consultancy firms and professional service providers are included, such as Bank of China's Shanghai branch, Deloitte China, PwC and CBRE.

Through tighter relationships with industry and trade promotion agencies and third-party institutions, the city also boosts its links with potential investors in various industries.

Inviting leading industry players and service providers to locate their operations and headquarters in Shanghai is a crucial part of the city's continuous opening-up and pioneering reforms to woo investors.

By the end of January, Shanghai was home to 962 regional headquarters of multinational companies and 563 foreign-funded research and development centers.

Shanghai signs up new multinationals in investment drive
Ti Gong

Frederico Freire Jardim, Asia president of Kraft Heinz, said it plans to invest tens of millions of yuan this year at its Jinshan plant to enhance smart manufacturing to further enhance energy efficiency. It regards China as a strategic market and growth engine and remains committed to better serve local consumers.

Having moved its Asian headquarters from Singapore to Shanghai in 2020, it retains a strong confidence in China's economic development and further opening up measures in the long run.

Michael Bi, managing partner of EY China Markets, said it has been committed to utilize the professional service firm's global network to serve Shanghai's high-quality economy growth and sustainable urban development.

"We will continue to uphold the global vision and local focus to be the 'spokesperson' of Shanghai's city brand and make continuous contributions in facilitating the establishment and development of multinational businesses here."

Alan Li, president at CBRE China, also believes it could better serve the city's investment promotional activities and help overseas and local players to become more deeply rooted in Shanghai and China.

Lily Ma, human capital management firm ADP's North Asia general manger, believes that locating its North Asia headquarters in Shanghai allows it to better integrate resources to serve both local and multinational customers.

Special Reports