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Shanghai FTZ launches overseas offices
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Shanghai pilot free trade zone launched six overseas offices today to strengthen communication with international investors.
Five offices are set up in Los Angeles, London, Frankfurt, Gothenburg, and Osaka under the offices of Shanghai Foreign Investment Development Board in those cities and another one is set up in Tokyo under the office of Pudong New Area Commission of Commerce.
“These offices are dedicated to help foreign potential investors better understand the progress of Shanghai free trade zone as well as assist domestic companies to expand abroad,” said Zhu Min, deputy director of the zone’s administration.
The offices will provide consultation and liaison services to investors and governments and promote information about the zone’s investment environment, investment opportunities and related policies in overseas market.
“Shanghai free trade zone should not be constructed behind closed doors,” said Gu Jun, deputy director of Shanghai Municipal Commission of Commerce, “These offices will also collect opinions from overseas market on the building of the zone.”
The free trade zone is playing an increasingly important role in attracting foreign investors as foreign companies continue to show interest in it, senior officials has said.
Contract value of foreign-funded projects in the FTZ added five times from a year ago to US$23.5 billion by the end of May this year, accounting for 79.1 percent of total foreign investment contract value in the city, Shang Yuying, chairwoman of the Shanghai Commission of Commerce, told a press conference on Wednesday.
In the first five months, 1,262 foreign-funded projects were launched in the FTZ, up 48.6 percent from a year ago, and city wide, the number of foreign projects added 35.4 percent annually to 2,530. Financial leasing companies made up 62 percent of the newly introduced projects.
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