Huangpu seeks to attract more foreign firms
Representatives of foreign companies and trade institutions at an investment promotion meeting in Huangpu on Wednesday.
Shanghai's Huangpu District aims to attract more overseas participants in the third China International Import Expo (CIIE) to open businesses in the downtown district with a better business environment and policies, an official said on Wednesday.
Gao Yun, Huangpu’s Party secretary, said the district will release more measures to expand the "overflow effect" of the CIIE by focusing on "openness, opportunity and innovation."
Representatives of around 30 foreign companies and trade institutions attended the investment promotion meeting at No. 1 Waitanyuan, a building that was the former British consul's residence built in 1882 in Huangpu.
The event was organized by the Council for the Promotion of International Trade Shanghai and the Huangpu District government. Both sides signed a cooperation agreement at the meeting to enhance Huangpu's position in the city government's ambition to build an international trade center.
Two foreign companies had invested in Huangpu after participating in the previous CIIEs, Gao said. UK brand Gènavant opened a global store for the debut of new products at the Bund Financial Center after its participation in the first and second CIIEs. The brand's global headquarters also moved to Huangpu at the end of 2019.
Jin Shaojing, director of Huangpu District Commission of Commerce, introduces the business environment of Huangpu to foreign companies and trade organizations.
Canadian dairy manufacturer Saputo, which won numerous orders during the first CIIE in 2018, established a wholly owned subsidiary in Huangpu to handle logistics, management and e-commerce sales for its products in China. Its sales revenue since this February have reached 500 million yuan.
In 2019, a total of 163 new overseas investment projects worth around US$1.5 billion were signed in Huangpu District.
Huangpu has released 12 new measures to better implement China's Foreign Investment Law, which came into effect on January 1. These focus on further opening up, promoting foreign investment, upgrading services and protecting the rights and interests of investors. They cover the district's key industries of finance, trade, scientific innovation, culture and education.
"Russian companies are looking forward to the mutual opening of borders so that businessmen can visit the objects of interest in the territory of Huangpu District," said Deniskin Vyacheslav, chief representative of the Chamber of Commerce and Industry of the Russian Federation Regional Representation in Shanghai.
He said the Russian Food Showroom opened in Huangpu is functioning successfully. Visitors can get acquainted with and try products of the Russian agro-industrial complex, as well as organize deliveries to China.
The 3rd CIIE is due to be held from November 5 to 10 at the National Exhibition and Convention Center.
