Expo sparks signing of new FDI contracts
By Wang Yanlin |
October 15, 2010, Friday
|
Print Edition
Print Edition
JOHNSON Controls Inc from the United States and Germany's Wacker Chemie AG were among 20 companies that signed investment agreements totalling US$1.23 billion in Shanghai yesterday.
The Shanghai Commission of Commerce, in announcing the first batch of new foreign contracts for the fourth quarter, credited the World Expo for a renewed burst of interest by investors.
City government officials said they expected the investment benefits of the Expo to continue for several months. The event has attracted senior executives of multinational firms over its six-month run.
"Although the global financial crisis has dealt a huge blow to cross-border investment and international trade, Shanghai's performance in attracting foreign investment is somewhat bolstered by the World Expo," said Vice Mayor Tang Dengjie at the signing ceremony.
The investment projects signed yesterday are mainly in the financial and technology sectors. Among them, eight involve establishing regional headquarters in the city.
"Much of the foreign investment is directed at services and advanced manufacturing," said Tang. "That's helping us revamp the city's 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.
The Shanghai Commission of Commerce, in announcing the first batch of new foreign contracts for the fourth quarter, credited the World Expo for a renewed burst of interest by investors.
City government officials said they expected the investment benefits of the Expo to continue for several months. The event has attracted senior executives of multinational firms over its six-month run.
"Although the global financial crisis has dealt a huge blow to cross-border investment and international trade, Shanghai's performance in attracting foreign investment is somewhat bolstered by the World Expo," said Vice Mayor Tang Dengjie at the signing ceremony.
The investment projects signed yesterday are mainly in the financial and technology sectors. Among them, eight involve establishing regional headquarters in the city.
"Much of the foreign investment is directed at services and advanced manufacturing," said Tang. "That's helping us revamp the city's 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.
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