Baoshan secures US$145m worth of investment projects
Shanghai, a well-established destination for investment from home and abroad, is keen to ride the waves of economic revitalization to attract more quality investment with better policies and services.
A number of new foreign investment projects, primarily in biomedicine and intelligent manufacturing, were signed in Shanghai's north Baoshan District on Thursday to help drive the transformation of the former iron and steel industry base.
The 14 key projects, with a total investment of 1 billion yuan (US$145 million), will help Baoshan achieve its goal of becoming the "main front" of Shanghai's global scientific innovation center, according to Chen Jie, the district's Party secretary.
"The signing of the heavyweight projects demonstrates that overseas companies are confident in Baoshan's regional development prospects," Chen said. He promised to "stabilize expectations, boost confidence, and gather innovation" for foreign investors.
Officials from the Mexico, Peru, and New Zealand consulates in Shanghai attended the event, as did 200 representatives from major local multinational corporations.
The district has released its most recent action plan for a new round of redevelopment, with the goal of fulfilling the city's ambition to become a global science and innovation center.
It has attracted over 2,000 overseas enterprises, with 1.5 billion yuan in contracted foreign investment and over 100 billion yuan in foreign import and export volume. Baoshan is home to seven multinational headquarters as well as 13 foreign research and development centers.
According to the district government, three more multinational headquarters or research and development centers will be established in Baoshan this year.
The district announced eight new measures to help overseas firms and financial institutions grow, including a shorter approval period and a more optimized business environment.
For example, a foreign investment project can receive up to five million yuan in cash subsidies based on its contribution to the district's economy. A newly approved multinational headquarters will receive financial assistance of up to 10 million yuan.
Toshiba Elevator, a Fortune 500 company, was recently approved as a global R&D center and thus received a slew of preferential policies. According to the district government, it has assisted the company in overcoming difficulties related to raw material shortages and rising steel costs.
In the 2035 master plan, along with the five "new cities" in the suburbs, the south-north transformation of the former iron-steel industries in Baoshan and the chemical industries in southern Jinshan District have been listed as Shanghai's key development blueprints.