Shanghai continues to encourage MNC HQ set up

Shanghai Newspaper_ Shanghai continues to encourage MNC HQ set up

In line with the city’s effort to boost foreign investment, Shanghai has worked on attracting transnational companies to set up their regional headquarters and R & D centers in the city.

Shanghai has awarded certificates to 25 regional headquarters and 11 R & D companies of 35 transnational enterprises to course through this endeavor. Since 2002, the city has awarded certificates to one or two batches of regional headquarters of transnational corporations every year.

Records reveal that by the end of October, 710 regional headquarters and 453 R & D centers retain its place in the city. To cite, 114 of which were Asia Pacific regional headquarters The multinational regional headquarters have been expanding their functions and have worked towards being a positive member of the economy and society.

Regional headquarters of transnational companies have contributed 10% of overall operating income while only accounting for less than 2% of the total number of enterprises in the city according to the 2018 annual report of foreign-invested enterprises.

24 of the 35 investors were from the manufacturing sector, seven of which are engaged in the city’s three major strategic emerging industries. Meanwhile, 11 enterprises in the services sector, four were in shipping logistics, two were information technology firms and two in commercial trade.

Itochu Corp from Japan, Coca-Cola Co from the US and Quanta Computer from Taiwan were three Global Fortune 500 enterprises alongside 11 industry leaders Huntsman Corp and Italian company RINA S.p.A. (Registro Italiano Navale).

Itochu is one of the largest Japanese general trading company. It has six major operational divisions specializing in textiles, metals/minerals, food, machinery, energy/chemicals and ICT/general products/real estate.

Meanwhile the Coca-Cola Company is an American multinational corporation, and manufacturer, retailer, and marketer of nonalcoholic beverage concentrates and syrups and is best known for its flagship product Coca-Cola.

American multinational manufacturer and marketer of chemical products Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers. To date, it has invested US$2 billion in China.

Kenny Pan, vice president of Huntsman Polyurethanes Division for the Asia Pacific region shares that they will continue to work on developing the the polyurethane industry in China and the Asia-Pacific market.

General manager of Deckers Footwear (Shanghai) Co., Olivier Lorans sees Shanghai as an international and fashionable city and they look forward to doubling its business in the country in the next five to six years.