Huangpu urges overseas firms to set up R&D units

OVERSEAS companies are being encouraged to set up research and development centers or innovation platforms in Shanghai’s Huangpu with full support and financial incentives as it aims to become the top choice for foreign investment in the Asia Pacific Region, the district government said yesterday.

“Huangpu is historically attractive to foreign companies. China’s first joint venture as well as foreign broker and personal insurance company are based in the district,” said Gao Yun, the district’s Party secretary. “The district will create the ‘most comfortable’ development environment for foreign investment.”

Foreign companies in financial, professional and trade services are encouraged to set up R&D centers, global research centers or open innovation platforms.

Once the centers are recognized, the district will offer subsidies and awards equivalent to new multinational headquarters in Huangpu. Up to 3 million yuan (US$468,900) in startup or housing subsidies, for instance, will be offered to new qualified overseas R&D centers.

The district will also lure and subsidize foreign high-tech firms and encourage them to list on the city’s STAR Market.

Existing foreign R&D centers are encouraged to turn their research into products and a green channel will be opened to support the conversion of research results. New products and technologies will get subsidies of 500,000 yuan by making their debut in Huangpu or at the annual China International Import Expo.

The district also said it will safeguard foreign-funded R&D centers with services for professionals and finance as well as intellectual property rights.

The district launched the 2021 Foreign Investment Promotion Conference and Foreign-funded R&D Center Policy Briefing on the Bund yesterday. Representatives from foreign chambers of commerce, consulates and some 60 overseas companies attended the meeting organized by the Shanghai Foreign Investment Development Fund and Huangpu’s commerce commission.

Several leading foreign firms, including Dyson, Nexperia and Swarovski, were awarded at the meeting for their contributions to the regional economy.