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City talks up plans to encourage foreign investors
Aggregated Source: Shanghai Daily: Business

SHANGHAI will be able to offer plenty of new opportunities for foreign investors as the city's industrial transformation deepens and new growth points are created, a senior official said yesterday.

"We will further encourage foreign investors to get involved in Shanghai's economic restructuring, and put more emphasis on their role in leading the city's growth," Shang Yuying, chairwoman of the Shanghai Commission of Commerce, said at the Shanghai Foreign Investment Briefing.

Shanghai will continue to make service industry growth a priority, and encourage foreign investment flow into sectors like finance, logistics, commerce, culture and tourism, Shang said.

Meanwhile, the city will actively create a better environment for the growth of strategic manufacturing industries like new-generation information technology, high-end machinery equipment, new energy and biomedicine. These industries are an excellent choice for foreign investors, Shang said.

The city plans to initiate a batch of new projects in high-end software, new functional materials and maritime equipment, she added.

Besides, Shanghai has mapped out blueprints for several key areas, including Hongqiao Business Center, Lingang New City, the International Tourist Resort where Shanghai Disneyland is located and the former World Expo site, which offer brand new investment opportunities.

Shanghai attracted US$8.29 billion in foreign direct investment in the first half of 2013, up 12.5 percent from a year earlier. The pace outperformed the national average of 4.9 percent.

By the end of June, 424 multinational companies had established their regional headquarters in Shanghai, which was also home to 359 research and development centers.

Also, the Shanghai Association of Enterprises with Foreign Investment announced the 100 biggest tax payers among foreign-invested companies in the city yesterday, with Shanghai Volkswagen topping the list.

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Copyright Shanghai Daily: Business