Pudong business climate remains in peak of health

DESPITE the coronavirus epidemic, the Pudong New Area’s economy remains vital — highlighted by 21 new foreign business projects.

Yesterday, Pudong and 21 multinational companies signed contracts worth a total US$1.7 billion to set up regional headquarters, open innovation centers and launch new products in the area.

The companies, mostly from the US, Japan, Singapore, the UK and Switzerland, cover supply chain management to medical devices, smart manufacturing and capital management.

Most are industry leaders which are expected to bring hefty investment and provide huge support to Pudong’s development.

European construction machine manufacturer Liebherr plans to invest 300 million yuan (US$43 million) on a new office building in the Waigaoqiao bonded area which will serve as its regional headquarters.

Also in Waigaoqiao, Siemens Healthineers, a leading medical equipment manufacturer, plans to open an innovation center for bioengineering research and development.

SSG Capital, one of the largest investment firms in the AsiaPacific region, plans to launch a new capital management project. Leading refiner ExxonMobil plans to launch a project in the automotive after-market segment.

Pudong has long been a favored location among foreign businesses entering Shanghai.

Although the epidemic has brought challenges, Pudong’s economy remains resilient.

Moreover, Pudong has improved services and increased efficiency for both established foreign firms and new entrants, according to Wang Hua, deputy director of Pudong.

“The launch of these new projects has fully proved that foreign businesses are confident about Pudong,” he said.

His words are echoed by many of the companies which say that China is well on track for continued economic development despite the short-term epidemic-caused impact.