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October 29, 2018

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Home » Business » Finance

City is a beacon for foreign investment

By Yuan Luhang | 00:01 UTC+8 October 29, 2018 | Print Edition

SHANGHAI announced a batch of foreign investments totaling 23.4 billion yuan (US$3.36 billion) on Saturday, a reflection of foreign investors’ confidence in the city and its lasting attraction for foreign investment.

The projects included 1 billion yuan from SAIC and GM to set up a financing and car rental company in the Shanghai Pilot Free Trade Zone.

Decathlon, a leading sporting goods retailer from France, will step up investment, pledging as much as 1 billion yuan to build headquarters for its sports equipment branch in Shanghai.

German-based SAF-Holland GmbH, the biggest manufacturer of components and parts for commercial vehicles worldwide, will invest 208 million yuan to set up regional headquarters in Shanghai.

Omron will increase its investment by 70 million yuan to found a second plant to double production from last year to 1.7 million sensors a month by 2020.

Takeda Chemical Industries, Japan’s biggest pharmaceutical company, will invest 809 million yuan in Shanghai to realize its five-year project to launch more than seven new medicines, covering areas such as tumors, digestion and neuroscience.

Other industrial giants like Kao, Lego and ASUS will also increase their investments in Shanghai.

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