54 foreign-invested projects signed in Shanghai
July 28, 2020 Category China News Round-up, Weekly
A total of 54 foreign-invested projects to be launched in Shanghai with total investment exceeding USD8 billion were signed last week. Of the 54 projects, 15 are related to infrastructure, covering various industries such as network technology, artificial intelligence, biomedicine and integrated circuits, and 10 projects, with investments of more than USD100 million each, in areas such as commercial services, energy and finance. Three projects were launched by Global Fortune 500 companies. Siemens Energy Co signed a strategic cooperation agreement with the Pudong New Area. It has increased its investment and further injected CNY3.8 billion in just six months after it registered in the Shanghai Waigaoqiao Free Trade Zone last year, increasing the company’s total registered capital to CNY4.1 billion.
“Today, Shanghai has become the regional headquarters of Siemens Energy and the hub of Siemens Energy’s operation in China, carrying many key functions in the company’s value chain, such as corporate management, production, sales and innovation. It plays an important role in the global success of our company,” said Dieter Steinbrenner, Senior Vice President Finance of Siemens Energy.
Davide Bruschi, General Manager of Casappa Hydraulics Shanghai Co, said that the company, registered in the Pudong New Area in 2007, had seen annual revenue growing constantly, and is planning to invest more in China and set up regional headquarters in Shanghai as it regards it as one of its most important markets. “We chose Shanghai for its superior environment for doing business and investment. Here you can easily set up a company, run a business successfully, and most importantly, you can find the right talent,” Bruschi said.
In the first six months of this year, Shanghai has seen the paid-in value of foreign investment totaling USD10.28 billion, an increase of 5.4% over the same period last year. Among them, 19 newly signed projects with an actual value of more than USD100 million each have in total contributed paid-in foreign investment of USD5.35 billion. In the first half of the year, 26 regional headquarters of multinational enterprises and 10 R&D centers were set up in Shanghai, bringing the cumulative number of regional headquarters and R&D centers in the city to 746 and 471, respectively. Shanghai authorities have helped foreign-funded enterprises to ease their difficulties with visits paid to the regional headquarters of 720 multinational corporations, and 11 round tables on government-enterprise cooperation, the Shanghai Daily reports.
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