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July 28, 2010

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Top foreign firms honored

The Shanghai government yesterday honored the city's 100 biggest overseas companes, including Tech-Com (Shanghai) Computer Co Ltd and Shanghai General Motors Co Ltd.

With a turnover of 99 billion yuan (US$14.6 billion) last year, Tech-Com, a Taiwan-based original equipment manufacturer of computers and their parts, came top of the list, while Shanghai General Motors was the No. 1 tax contributor for the city among overseas investors.

The combined revenue of the 100 biggest overseas firms, ranging from 4 billion yuan to 99 billion yuan, accounted for more than 40 percent of last year's total revenue of more than 30,000 overseas companies in Shanghai.

In the first six months, Shanghai's foreign direct investment has exceeded US$5.4 billion, up 4.1 percent from a year earlier.

Sha Hailin, chairman of the Shanghai Commission of Commerce, said overseas firms need to be further involved in revamp of Shanghai's economy, focusing more on the development of modern services and high technology.


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