Shanghai lures new investment with global partnership measures
Shanghai hopes to further elevate its attractiveness by leveraging leading industry players with businesses in the city to introduce new investment.
The Implementation Measures for Shanghai’s Global Partnership for Foreign Investment Promotion, which was recently unveiled by the Shanghai Municipal Commission of Commerce, would further introduce foreign investment and assist in the city’s promotion efforts on the global stage.
The new measures encourage leading multinationals to serve as a bridge to link with global investors.
The partners are also encouraged to provide advice and suggestions for Shanghai in the preparation of an industry blueprint, formulation of investment promotion programs, introduction of industry-specific policies and evaluation of key projects.
Top MNCs have welcomed Shanghai’s new initiative to strengthen the business environment and cultivate stronger ties with domestic and foreign businesses.
High-calibre and industry-leading players in the life sciences, medical facilities and chemical industries have held long-term investment collaboration with Shanghai.
Germany’s Bayer said it’s carrying out a number of initiatives and, particularly, in the pharmaceutical field, as it continues to pay attention to China’s domestic innovations, strengthen cooperation with local companies, and seek opportunities to use its expertise and capability to help the development of cell and gene therapy in China.
It’s also exploring the possibility of establishing a Bayer Co-Lab in Shanghai for drug innovation, which was discussed during the meeting between city officials and Friedemann Janus, the acting head of Global Business Development and Open Innovations of Bayer’s Pharmaceuticals Division, during his visit to Shanghai earlier this year.
Bayer’s Consumer Health Division is committed to improving the health literacy of Chinese consumers through self-care solutions.
It’s considering and evaluating the possibility of transferring some of the drug MAH (market authorization holder) licenses of over-the-counter drugs that are already being sold in China to Bayer Pharmaceuticals (Shanghai) Co Ltd to streamline product supply management.
Bayer has leading pipelines in the fields of stem cell and gene therapy of pharmaceuticals and agricultural biotechnology and it is committed to making these advanced technologies and products available to Chinese patients and customers in a timely manner through continuous policy advocacy.
The company added that it has always been a loyal partner in investing in Shanghai and will continue to pour great efforts to actively support the partnership scheme for Foreign Investment Promotion to become an eligible partner.
“As a global and international megacity, Shanghai has maintained a leading business environment and innovative atmosphere and is undoubtedly a window to China’s reforms and opening up,” said Gao Yong, vice president of Bayer (China) Ltd.
Siemens Healthineers' efforts
In addition to investing in local manufacturing and research capabilities, Siemens Healthineers said it was dedicating efforts to link local players with international counterparts.
Over the past three decades, the German company has cultivated numerous local suppliers from scratch, and many of them have now reached world-class levels in the medical equipment supply chain.
The Siemens Healthineers Shanghai Innovation Center, which was unveiled in September 2021, serves as a platform for active collaboration with local startups, healthcare institutions, research institutes and universities.
“This strategically and synergistically complements Siemens Healthineers’ research and manufacturing facilities in China, continuously enhancing our local innovation capabilities,” according to Jerry Wang, president of Siemens Healthineers China.
In August 2022, Siemens Healthineers signed a strategic cooperation agreement on cross-border innovation with Zhangjiang Group and Medical Valley in Germany.
The German Medical Valley will bring another group of European startups to China by the end of this year to explore cooperation opportunities with ecosystem partners following the successful MedTech Pioneer Innovation Forum which was held in May where three overseas startups enhanced their communication and interaction with Chinese partners.
BASF boosts innovation
In June, the latest phase of chemical giant BASF’s innovation facility was officially put into use in Shanghai, with two newly-built R&D buildings, to cater to growing local demand.
The Innovation Campus Shanghai is a unique site that brings together different functions.
The German company said it has been driving synergies to bring together international and local institutions, academics and partners to forge advancement in scientific research.
The Innovation Campus Shanghai Phase III will be used to advance chemical research projects and create new sustainable solutions for customers in the Asia Pacific region.
The cumulative investment of BASF at the innovation site, which is the biggest facility in Asia Pacific, already amounts to around 280 million euros (US$300 million) since its first batch of facilities was put into operation more than a decade ago.
It has built up a solid business network with competitive product offerings from localized production, marketing, sales, and technical service. The company has maintained a long history of good interaction and cooperation with the Shanghai commerce commission and other government departments, which have provided a favorable environment for BASF’s development in the city with solid policy support.
The company added that it takes full advantage of the synergies in Shanghai as a national-level science and technology innovation center to unite global and local research bodies, academic institutions and partners to jointly promote research progress.