Lingang out to lure more EU tech players

Tech entrepreneurs and businesses in Europe are being encouraged to explore opportunities in the Lingang Special Area, a part of the pilot free trade zone in Shanghai, under efforts to boost collaboration between China and European countries.

China-Europe Networks of Technology and Innovation, or CENTI, is an advisory company that aids in making connections between the two sides. It has teamed up with the Lingang Special Area and the Global Tech Advocates network to help European technology companies do business in China.

Russ Shaw, the founder of Tech London Advocates and Global Tech Advocates, said European businesses with international expansion plans should consider building relationships in China.

"We want to build these connections and the Lingang Special Area is an interesting destination as we come out of this pandemic," Shaw said."They really want to reach out more internationally and we can help them connect to technology leaders in different parts of Europe."

The Lingang Special Area is renewing its call for more collaboration in the run-up to its first anniversary on Aug 20.

Lingang, in the southeastern part of Shanghai's Pudong New Area, is also where the Tesla electric-vehicle company has built its first factory outside the United States.

John Zai, the founder and CEO of CENTI, with bases in London and Shanghai, said Shanghai is not only a major financial hub but is even more attractive with the plans to make Lingang a global technology center.

"We will be helping the Lingang Special Area to build five to seven contact points in cities across Europe and represent the Lingang Special Area," he said.

With Lingang's location within the China (Shanghai) Pilot Free Trade Zone, Zai said it is an ideal place for international businesses.

Companies based there will benefit from more than 50 preferential policies related to administrative approvals, relaxed visa policies for employees, cross-border financial services and even housing, he said.

Businesses focusing in areas such as integrated circuits, artificial intelligence and biomedicine will be levied with a special 15 percent business income tax in the area.

By working with China, Zai said, companies will benefit from growth in the area over the next 10 to 20 years.