Related News
GM to move international HQ to Singapore
Print Edition
US auto giant General Motors will move its international headquarters from Shanghai to Singapore, a move that may dent Shanghai’s ambition to become an international business hub.
The relocation of its consolidated international operations would take place in the second quarter of next year, GM said yesterday. The new headquarters in Singapore will have about 120 employees to oversee key parts of GM’s operations in Africa, Southeast Asia, Australia, New Zealand, India, South Korea and the Middle East as well as Chevrolet and Cadillac in Europe, the Detroit-based automaker said.
The Singapore headquarters will “lead the company’s umbrella strategy for the region,” GM said.
Singapore offers several advantages, including “greater proximity” to key international markets like Southeast Asia and India, the Middle East and Africa.
GM said the relocation would allow it to focus on China, the world’s biggest auto market by new vehicle sales.
The Shanghai office with 250 employees will cover operations in China which is GM’s largest overseas market with total sales of around 2.8 million vehicles last year. GM has 12 joint ventures and two wholly-owned firms in China, employing 55,000 people.
Singapore is one of Shanghai’s strong rivals in the region even as China plans to build the city into an international financial center by 2020. The city-state is home to thousands of multinational companies that have set up regional or global headquarters, attracted by its high-quality infrastructure, clear legal framework, low corporate and personal income taxes, and easy business atmosphere.
Rising market speculation that China will launch preferential tax policies for foreign companies in the pilot free trade zone in Shanghai were dispelled. So far, only aircraft leasing companies operating in the zone have been granted favorable tax rates.
By the end of August, more than 400 multinational companies had set up their regional headquarters in Shanghai, local government data showed.
In 2004, GM moved its Asia-Pacific regional headquarters from Singapore to Shanghai. Several years later, the division for international operations was also set up in the city.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
