ABB advises Shanghai to develop innovation ecosystem

Yuan Luhang
To promote development, the city should first create an attractive environment for high-tech companies, according to CEO and Chairman of ABB.
Yuan Luhang

ABB Chairman and CEO Peter Voser advised Shanghai to develop its innovation ecosystem to further improve capacity and core competitiveness of the city during the 31st International Business Leaders’ Advisory Council (IBLAC).

“An innovation ecosystem requires first and foremost an attractive environment for high-tech companies, including good infrastructure, minimal bureaucracy, business-friendly tax structures, and a strong intellectual property regulatory framework,” Voser said.

“To foster an innovation ecosystem, the government should help companies access expertise and support to develop their operations and encourage a vibrant startup scene,” he added.

Voser believes the government is pivotal in developing an innovation ecosystem, and the government should lead comprehensive campaigns to tackle this goal, besides building an attractive business environment, including increasing public investment in R&D, offering incentives to multinationals, and encouraging live testing and cross-industry research.

Voser also mentioned that the expanded free trade zone provides opportunities for enhancing Shanghai's and China’s position in technology innovation.

“The expansion of the Shanghai free trade zone with the Lingang New Area is a great opportunity to further advance Shanghai’s and China’s position as a global leader in technology innovation.”

Also during the meeting, Shanghai Mayor Ying Yong said that growth and development of science, technology and innovation have been a top priority in the city.

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