Pudong signs 21 deals anew

Shanghai Newspaper_Pudong signs 21 firms anew

The Pudong New Area is set to welcome new investors as it signed agreements with 21 foreign companies yesterday to set up headquarters in the district.

Roche, Wyeth Nutrition and online luxury fashion retail platform Farfetch are among those companies.

Farfetch Asia operation director Qian Jin emphasized that the efficiency of delivering goods to customers is its lifeline, hence this investment. According to the regulations people who spend between 5,000 yuan (US$702) and 26,000 yuan in cross-border online shopping can enjoy fast Customs clearance within seven days.

More than 40% of the city’s total import-export cross-border e-commerce trade volume were from Pudong. The volume in the first six months this year was 1.5 billion, almost double compared with the same period last year.

Another key factor why investors are attracted in Pudong is because of talent. Olam Shanghai Ltd. head Himanshu Chaturved believes that Pudong indeed has the best nfrastructure he has seen in China, both physically and intellectually.

The rapid development of foreign trade in Pudong over the past few years was a key factor that attracted them to settle down or make new investments in the district.