More multinationals set up facilities in Hongkou

Six more multinationals have set up headquarters and research centers in Shanghai's Hongkou District, marking a key step in the district's strategy to attract foreign investment.

The announcement was made during the "Invest in Shanghai, Share the Future" investment promotion event on the North Bund on Wednesday, ahead of the China International Import Expo.

Hongkou District Director Lu Ming highlighted the importance of creating a competitive and business-friendly environment.

He emphasized Hongkou's commitment to becoming a prime location for international companies to invest in China. "We are working to build a rule-of-law, service-oriented, trustworthy government," Lu said.

"Thanks to the dynamic Chinese economy, SoftwareOne China has risen to become the leading entity in the Asia Pacific region within our group," said Uwe Schlager, Asia Pacific COO of the Swiss-based company that provides software and cloud solutions.

"By adhering to the highest international standards, facilitating international trade and investment, and protecting our legitimate rights, Hongkou has created a fair, transparent, stable, and predictable business environment," Schlager said.

In the first eight months of 2023, Hongkou attracted 16 new headquarters, with foreign investment increasing by about 33 percent, making it the second-fastest-growing district in the city.

The area is now home to 2,000 foreign enterprises from 75 countries. Notably, the district has 93 high-level headquarters and research centers, contributing to its expanding network of multinational corporations.

The event also saw the unveiling a three-year action plan to enhance foreign investment in the region.

The Hongkou government said it will continue to foster partnerships with international firms and improve services to facilitate cross-border business.