Government News
Shanghai inks 77 new foreign investment projects worth USD10.2 billion 2023-07-20
Shanghai Mayor Gong Zheng was present at the signing of 77 foreign investment projects worth over USD10.2 billion yesterday, while the city government issued certificates to 31 newly recognized regional headquarters of multinational firms and 13 research and development centers at the same ceremony.
The investment projects are in the biomedicine, electronic information, auto, fashion, digital economy, and green and low-carbon industries. Ten of the projects were from Fortune Global 500 firms, including US-based Medtronic, which will set up an investment fund in Shanghai to create an innovative ecosystem for doctors, industry professionals, entrepreneurs, and investors and France's Air Liquide, which penned an additional investment to expand its business.
Japanese trading giant Sumitomo is investing another USD30 million in China, Yoshitaka Koketsu, president, chairman, and general manager of Sumitomo Pharma Suzhou, told Yicai Global. “We believe that there will be more and more business opportunities in China in the future, and we hope to expand the market by setting up investment firms,” he said.
Innovation is a key driver in the pharmaceutical industry, and Tokyo-based Sumitomo plans to develop and launch more new products in China in the next five years, Koketsu added.
Sales in China accounted for 6.8 percent of Sumitomo's total in fiscal 2021, with the figure climbing to 8 percent the year after.
Medtronic Shanghai will continue to raise its investment in the city, not only because biomedicine is one of the three leading industries there, but also because the local business environment is good, said Song Jingwei, its vice president of finance, business development, and investment. Shanghai is the undisputed highland of biomedical talent in China, Song added.
Faurecia China Holding's GM Alban Brisset said the French global automotive supplier, which focuses on investing in hydrogen storage cylinders and storage systems, plans to increase the market share of the latter in China to more than 20 percent in 2025 from 15 percent in the past three years. It aims to sell over 4,000 units in 2025 and increase that to 30,000 by 2030, he added.
Shanghai remains a hotspot for foreign investment, with the number of foreign-invested firms set up in the city soaring 79 percent to 2,096 in the five months ended May 31 from a year earlier, according to official figures. Actual use of foreign funds rose 17.3 percent to USD11.2 billion, with the service sector gaining 15.2 percent to USD10.8 billion from a year ago to account for 97 percent of the total.
Source: Yicai Global
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