Shanghai attracts increasing number of multinational corporations

The Shanghai government organised an event on Tuesday to honour representatives of 31 regional headquarters of multinational corporations and 13 foreign-invested R&D centres that have been established in the city, presenting them with certificates.To get more breaking news shanghai, you can visit citynewsservice.cn official website.

These businesses encompass important sectors such as biomedicine, automotive, and fashion-related products, ShanghaiEye reported.

Shanghai remains a prime destination for foreign-backed businesses to make investments, making it a top pick for multinationals looking to establish industrial and innovation networks.

Around the upcoming production line in the chemical industry zone and the expansion of the production capacity of its molding compound factory in Shanghai, the staff of this German company is busy implementing the specific details.

In order to further increase its market share in Asia, the company also decided to set up its Asian headquarters in Shanghai and build a new Asian technology centre.

At the Chinese headquarters of this Japanese pharmaceutical company in Shanghai, intensive work meetings on new product development and introduction are also being held recently. In June last year, after the company decided to invest US$30 million to set up a new company in Shanghai, its business scope expanded rapidly.

Statistics show that in the first half of this year, there were a total of 922 regional headquarters of multinational companies in Shanghai, and a total of 544 foreign-invested R&D centres. Shanghai continues to maintain its status as the city with the most concentrated regional headquarters of multinational companies and foreign R&D centres in Chinese Mainland, and continues to maintain a strong driving force for attracting foreign investment.

Since the beginning of this year, the overall situation of Shanghai's introduction of foreign capital has been good. In the first five months, nearly 2,100 foreign-funded enterprises were newly established in the city, an increase of nearly 80 percent year-on-year, and the actual use of foreign capital exceeded US$11 billion, an increase of nearly 18 percent year-on-year.