SHANGHAI, July 29,
2024 /PRNewswire/ -- A news report from
english.shanghai.gov.cn:
Shanghai proved its appeal as
an ideal foreign investment destination as 30 regional headquarters
of multinational corporations and 15 research and development
centers were certified during a ceremony on July 25, according to official sources.
As of the end of June, Shanghai
is home to 985 multinational corporations' regional headquarters
and 575 foreign-funded R&D centers, making the city the most
attractive destination for multinational corporations in the
Chinese mainland, said Shanghai Fabu, the official WeChat account
of the Shanghai municipal
government.
"The R&D center that we have just got the accreditation for
is our global R&D center, and it is the largest innovation hub
in the entire Otis network," said Sally
Loh, president of Otis
China.
"Shanghai is a very vibrant,
dynamic mega city that really provides businesses like ours… a very
friendly environment. The certification that we have just received
this morning as a global R&D center, is really an indication on
the innovation capabilities that we have as well as the richness of
the talent pool that is available in Shanghai," Loh explained the reason why the
US-based manufacturer and maintainer of elevators and escalators
choose Shanghai as the location
for the center.
According to Loh, the nearly five hundred engineers at the
center will serve not only the China market, but also the rest of
the world.
"Imported products used to be regarded as good. But now, it is
the other way around. Products made in China represent value price, high quality and
best experience," said Andy Guo,
managing director of China with US-based Kimberly-Clark.
According to Guo, in the past decade, Kimberly-Clark made about
13 million yuan of investment per
year in research and development in China, and the figure reached 25 million yuan in the past two years, higher
than the global average.
"Investment in innovation is supported by the great market
potential. Considering its gigantic middle-income group, and the
abundant amount of people becoming middle-income group, it is the
largest growth market for the future," said Guo.
"Despite the challenges, we have reached agreements to add more
than 50 new centers in China in
the past two years, and we have a more ambitious plan of opening
about 100 new centers per year," said Edward Hu, country general manager of
London-listed workspace provider
International Workplace Group (IWG).
According to Hu, the group, which entered the Chinese market as
early as 1995, expects to operate nearly 2,000 centers in total
over the coming decade.
"Since our entry into the China market in 2003 by establishing a
factory in the city, we have constantly felt the international and
market-oriented business environment that Shanghai offers for us. We have deeply felt
the strong support of the local government, and that has enabled us
to settle down and grow," said Wu
Yin, vice-president of marketing in China with US-based wellness company
Melaleuca.
Related stories
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for multinational companies
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treasury centers in Pudong
- Shanghai MNCs' regional headquarters, R&D centers can apply
for development capital
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SOURCE english.shanghai.gov.cn