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March 9, 2021

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North Bund seeks to lure more overseas investors

New measures were released in Hongkou District yesterday to attract more foreign investment to the North Bund and further optimize the business environment.

The district government launched nine preferential policies to develop the North Bund waterfront as a global headquarters area, central activity zone with global influence and the world’s leading “sitting room.”

In one measure, online consulting services around the clock will be provided to multinational headquarters, overseas research and development centers as well as foreign investment projects.

Specialized follow-up services will also be offered to overseas investments with optimized procedures reducing the applications process by a third.

A lawyers’ commission will be established to handle foreign-related matters.

The service platform for overseas professionals will be optimized with additional talent apartments to attract more specialists and those studying overseas to Hongkou.

A service station will be developed in the North Bund to assist professionals from abroad to apply for work permits, professional title appraisals and other services. Specialized service windows will handle these issues.

A trademark guidance station and legal rights protection studio will also be built on the North Bund to help protect companies’ intellectual property rights.

With the new round of development on the North Bund, foreign companies are paying attention to the waterfront and increasing their investment in the area, said Hao Liguo, director of the Hongkou investment promotion office.

Thanks to the riverside region, Hongkou attracted 1.3 billion yuan (US$200 million) in overseas investment in 2020, higher than most other downtown districts. The average overseas investment in Hongkou reach 1.28 billion yuan in the last three years, the district government said.

The region along the Huangpu River, covering about 4 square kilometers, will become a “new engine” for Shanghai’s future development with the tallest building in Puxi.


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