12 firms from new business sectors sign FTZ deals

Twelve companies signed agreements yesterday to start business in the Shanghai free trade zone, as the FTZ is welcoming new industries amid efforts to widen opening-up.

The deals include many firsts: the first foreign performance brokerage firm, the first joint-venture aircraft manufacturer, the first foreign vocational psychological training institute, and the first foreign financial education institute.

“We are glad to become the first foreign financial education institute on the Chinese mainland, thanks to the FTZ’s opening-up policy,” said Zhong Ke, general manager of IfFP Shanghai, set up by Zurich-based Institute for Financial Planning.

IfFP Shanghai, which will be based in Jinqiao, will conduct training sessions for financial professionals and students.

Travelex, the world’s largest currency exchange network that is based in London, also signed an agreement to set up its Asia headquarters in the FTZ.

“As the world’s leading international financial center, Pudong has favorable financial environment as well as full supporting facilities and policies,” said Cameron Hume, managing director of Travelex Asia.

Shanghai will be the center for its Asian operation, he said.

Other companies to sign deals included China-Russia Commercial Aircraft International Corp — a joint venture between the Commercial Aircraft Corp of China and United Aircraft Corp of Russia, which is jointly developing the CR929 long-haul jet — as well as the Sweden-based Elekta, which will launch a new radiation therapy system featuring field magnetic resonance technology in China.

Also yesterday, the Pudong New Area released a “service specialist” scheme that offers efficient and tailored services. A service specialist will be dispatched to serve a single company and help in resolving all kinds of difficulties, said Wang Hua, deputy director of Pudong.

Four supportive teams made up of officials from various government bodies will assist the specialists in dealing with business development, planning and construction, policy consultation, and talent services, Wang said.

Shanghai is working hard to open up and implement reforms to attract business, including trimming the negative list of areas in which foreign investment is not allowed.

The FTZ’s opening-up measures helped to attract 340 service companies from January to October. The FTZ has lured in a total of 2,744 companies to set up offices.

Wholly foreign-owned hospitals, certification bodies and vocational training institutes have been allowed in FTZ along with the 38 newly opened business sectors to foreign investments. Nearly 300 regional headquarters of multinational corporations are based in Pudong, accounting for 45 percent of the city’s total.