Shanghai promotes investment opportunities to UK businesses

With the 5th China International Import Expo set to be held in Shanghai in less than a month, around 50 business representatives gathered in London on Thursday to learn about investment opportunities in the East China's biggest metropolis.

Xue Feng, president of Invest Shanghai, the foreign investment development agency of the city, spoke to the audience via video link, giving insight on a wide range of business opportunities on offer.

"Shanghai's economy has been deeply integrated into the world, and Shanghai's future development is inseparable from the extensive participation of enterprises from all over the world," said Xue.

Shanghai hosts a total 857 regional headquarters for multinational companies and 516 foreign-invested research and development centers.

Xue said that over the next three years the city will continue to cultivate integrated circuit, biomedicine and artificial intelligence as its leading industries, while electronic information, healthcare, automobiles, high-end equipment, new materials, and modern consumer goods will be further promoted.

Bao Ling, minister for economic and commercial affairs at the Chinese embassy in the United Kingdom, said Shanghai's utilization of foreign capital stood at $16.3 billion from January to August, up 8.4 percent year-on-year.

Trade between Shanghai and the UK increased by 15.6 percent in 2021 and 176 British companies were set up in the city, making the UK one of its key trading partners, she said.

"The city is keen to welcome investment in financial services, high-end design and manufacturing, higher education and scientific research, where the UK has traditional strengths," said Bao. "Shanghai looks forward to even closer exchanges with Britain through the upcoming 5th China International Import Expo."

Lise Bertelsen, executive director of public affairs at China-British Business Council, which co-hosted the session with Invest Shanghai, said the council has a very long history of promoting trade and investment between the UK and China, and has established an office in Shanghai for more than 25 years.

"Shanghai is one of the most vibrant cities in China, and it is very much the first choice for a lot of British companies when looking at the China market — its history and experience makes that no surprise," said Bertelsen.

Kan Ng, global business director at VCCP, a UK advertising agency, said the China market is very important for the company's global reach and so it opened an office in Shanghai in 2020.

"The city has the best talent in China with an international mindset, and a lot of opportunities," said Ng. "In the past two years, I haven't been to Shanghai because of the COVID-19 pandemic, but our office has started operations. We hired employees, and established clients and relationships, and won six awards. I just say miracles can happen there."