For­eign in­vestors clus­ter in Shang­hai

China Daily (Latin America Weekly) - - Top News - By HE WEI in Shang­hai hewei@chi­

Twelve ma­jor for­eign-funded projects will soon get un­der­way in Shang­hai, as the city main­tains its po­si­tion as a hot­bed of for­eign in­vest­ment.

Data cen­ter so­lu­tion provider GDS, SAIC Gen­eral Mo­tors, and Ger­man com­mer­cial ve­hi­cle sup­plier SAF-Hol­land are among a list of com­pa­nies pledg­ing a to­tal in­vest­ment of 23.4 bil­lion yuan ($3.37 bil­lion) in Shang­hai, the mu­nic­i­pal gov­ern­ment an­nounced at a con­tract sign­ing cer­e­mony on Satur­day.

The largest pro­posed in­vest­ment comes from Nio, an elec­tric ve­hi­cle startup that promises a fresh in­jec­tion of 16.6 bil­lion yuan in the re­search and de­vel­op­ment of elec­tric, smart, in­ter­net-con­nected and light­weight cars.

French sport­ing goods re­tailer De­cathlon is sched­uled to set up a sports equip­ment head­quar­ters in Shang­hai with an es­ti­mated in­vest­ment of 1 bil­lion yuan, and Ja­panese phar­ma­ceu­ti­cal com­pany Takeda plans to add 809 mil­lion yuan to its Shang­hai op­er­a­tion and is on course to in­tro­duce seven new medicines to the Chi­nese mar­ket over the next five years.

“The waves of in­vest­ment show that Shang­hai has be­come a crit­i­cal hub for multi­na­tional cor­po­ra­tions and an en­gine of growth. Their longterm op­ti­mism about in­vest­ing in Shang­hai re­mains un­changed,” said Shang Yuy­ing, direc­tor of the Shang­hai Com­merce Com­mis­sion.

Also on Satur­day, Swiss in­dus­trial con­glom­er­ate ABB Group said it will in­vest $150 mil­lion to build its “largest and most ad­vanced” fac­tory in Shang­hai.

Pro­duc­tion is ex­pected to be­gin by the end of 2020 and an­nual ca­pac­ity will be around 100,000 robots, one-quar­ter of ABB’s global de­mand last year, said vis­it­ing CEO Ul­rich Spiesshofer, who iden­ti­fied Shang­hai as a “vi­tal cen­ter for ad­vanced tech­nol­ogy lead­er­ship — for ABB and the world”.

The new 60,000-square-meter plant will fea­ture cut­tingedge tech­nolo­gies such as ma­chine learn­ing, en­abling it to man­u­fac­ture a wide range of in­dus­trial robots.

The com­pany also signed a com­pre­hen­sive strate­gic co­op­er­a­tion agree­ment with the mu­nic­i­pal gov­ern­ment on sup­port­ing in­dus­try, en­ergy, trans­port and in­fra­struc­ture in the re­gion, in re­la­tion to the “Made in Shang­hai” man­u­fac­tur­ing ini­tia­tive pro­posed by lo­cal author­i­ties last year.

In the first nine months of 2018, the city at­tracted 3,704 new for­eign-funded projects, up 17.8 per­cent year-on-year, ac­cord­ing to the mu­nic­i­pal gov­ern­ment. Dur­ing the same pe­riod, con­tracted for­eign funds, an in­di­ca­tor of fu­ture com­mit­ments of cap­i­tal, grew 20.4 per­cent to $33.62 bil­lion.

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