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Expo brings in big business
By Wang Yanlin |
October 14, 2010, Thursday
|
Online Edition
Online Edition
TWENTY foreign-invested projects worth 8.18 billion yuan (US$1.23 billion) were signed in Shanghai today as part of the economic fruits borne during the World Expo.
City government officials expected more deals to materialize in the coming months after the event has attracted thousands of senior executives of multinational companies and made them aware of Shanghai's rapid development.
Companies including Johnson Controls Inc, Wacker Chemie AG and Nippon Paint Co Ltd decided to either set up new businesses or raise their investments in the city, the Shanghai Commission of Commerce said.
All 20 newly signed projects are in the modern services and advanced manufacturing sectors. Among them were eight newly established regional headquarters.
"Although the global financial crisis has dealt a huge blow to cross-border investment and international trade, Shanghai's performance in the attraction of foreign investment is somewhat bolstered by the World Expo," said Vice Mayor Tang Dengjie at the signing ceremony. "Much of the foreign investments are directed at services and advanced manufacturing, which help our revamping of the economic structure."
In the first three quarters, contracted foreign direct investment in Shanghai grew 15.1 percent from a year earlier to US$11.3 billion, keeping a steady pace compared with an increase of 14.92 percent in the first half.
Among them, US$9.28 billion fell in the services industry, or 81.9 percent of the total.
Today, Foundation of Columbia University signed to invest US$200 million to build the first hospital in Shanghai whose design, construction, services and management all conform to the Joint Commission International Accreditation Standards for Hospitals.
Kenexa Corp, a global human resources firm, will invest US$2 million for its Chinese headquarters in Shanghai, and Tommy Asia Ltd, owner of the high-end apparel brand Tommy Hilfiger, said it will commission a new US$50-million Shanghai subsidiary to manage its chain of retail stores in China.
City government officials expected more deals to materialize in the coming months after the event has attracted thousands of senior executives of multinational companies and made them aware of Shanghai's rapid development.
Companies including Johnson Controls Inc, Wacker Chemie AG and Nippon Paint Co Ltd decided to either set up new businesses or raise their investments in the city, the Shanghai Commission of Commerce said.
All 20 newly signed projects are in the modern services and advanced manufacturing sectors. Among them were eight newly established regional headquarters.
"Although the global financial crisis has dealt a huge blow to cross-border investment and international trade, Shanghai's performance in the attraction of foreign investment is somewhat bolstered by the World Expo," said Vice Mayor Tang Dengjie at the signing ceremony. "Much of the foreign investments are directed at services and advanced manufacturing, which help our revamping of the economic structure."
In the first three quarters, contracted foreign direct investment in Shanghai grew 15.1 percent from a year earlier to US$11.3 billion, keeping a steady pace compared with an increase of 14.92 percent in the first half.
Among them, US$9.28 billion fell in the services industry, or 81.9 percent of the total.
Today, Foundation of Columbia University signed to invest US$200 million to build the first hospital in Shanghai whose design, construction, services and management all conform to the Joint Commission International Accreditation Standards for Hospitals.
Kenexa Corp, a global human resources firm, will invest US$2 million for its Chinese headquarters in Shanghai, and Tommy Asia Ltd, owner of the high-end apparel brand Tommy Hilfiger, said it will commission a new US$50-million Shanghai subsidiary to manage its chain of retail stores in China.
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