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September 12, 2019

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Pudong inks deals with 21 foreign firms

By Xu Lingchao | 00:05 UTC+8 September 12, 2019 | Print Edition

The Pudong New Area signed agreements with 21 foreign companies yesterday to set up headquarters in the district and increase their investments.

The companies include Roche, Wyeth Nutrition and online luxury fashion retail platform Farfetch.

The rapid development of foreign trade in Pudong over the past few years was a key factor that attracted them to settle down or make new investments in the district.

Qian Jin, operation director of Farfetch Asia, which increased its investment, said that the efficiency of delivering goods to customers is its lifeline.

Regulations state that people who spend between 5,000 yuan (US$702) and 26,000 yuan in cross-border online shopping can enjoy fast Customs clearance within seven days.

Last year, the total volume of import-export cross-border e-commerce trade in Pudong was 1.98 billion yuan, more than 40 percent of the city’s total.

The volume in the first six months this year was 1.5 billion, almost double compared with the same period last year.

Talent is another key factor in attracting foreign investment to Pudong.

“Pudong has the best infrastructure I have seen in China, both physically and intellectually,” said Himanshu Chaturvedi, country head of Olam Shanghai Ltd, a multinational food and agri-business company from Singapore. “It’s easy for us to find the right talent here.”

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