Lujiazui, the financial center in Shanghai, forms a perfect backdrop to the Bund area. [Photo by Wang Gang/For China Daily]
Shanghai’s appeal to multinational companies remains unchanged as four leading industry players signed cooperation agreements with the local government of Pudong New Area on Thursday.
General Motors will invest $100 million to introduce its high-end imported cars business in Pudong, according to the agreement. World leading medical technology provider Stryker will set up its regional headquarters in Pudong, while automobile exhaust systems supplier Katcon will launch its global research and development center in the area. Takeda Pharmaceutical, the largest biomedicine company in Asia, will launch its Asian R&D center in Pudong based off the latest agreement.
Public data showed that Pudong attracted nearly $4.3 billion in foreign investment in the first five months of the year, with the upward momentum unaffected by the resurgent COVID-19 epidemic in Shanghai in March. Nine multinational companies built their regional headquarters in Pudong during the first five months, which was nearly 53 percent of the city’s total recorded during the same period.
Based on that, Pudong is now home to a total of 398 regional headquarters and another 258 R&D centers of multinational companies.