Fuxing Island showcases Shanghai's innovation drive at IBLAC side event

"I believe technology is the key, and affordable technology will be transformational for economic growth worldwide. Therefore, I believe working with China and in China will be very important for global innovation and growth," said Arnd Franz, chief executive officer of MAHLE GmbH.

"I think Shanghai is an exemplary city. Its people always want to learn, understand what is happening in other parts of the world and explore ways to connect. I think that is very, very good," Tinggren said.

The guests also looked ahead to the meeting on Oct 11, expressing expectations for in-depth discussions on service-sector innovation and the development of international companies in Shanghai.

"I'm interested in the automotive sector and the growth opportunities for companies with the ability to scale-up manufacturing," Franz said.

IBLAC was founded in 1989, when 12 members from eight countries attended its inaugural meeting, providing suggestions for Shanghai's development. It has since served as advisory body of global business leaders for the city's development. One of its early contributions came in 1991 with the development of the Yangshan Deep-Water Port.

IBLAC has now expanded to 42 members, along with 11 honorary members.

Li Junfeng contributed to this story.