Huangpu seeks 'cornerstone partners' to lure foreign investment

Ti Gong

Shanghai's Huangpu District launched a strategic initiative aimed at further attracting overseas funds during its annual foreign investment promotion meeting on Monday.

The initiative, known as the "Cornerstone Strategic Program," aims to signify the downtown district's commitment to fostering overseas investment.

Representatives from Huangpu's Foreign Investment Promotion Group signed agreements with five initial strategic partners: Deloitte China, Acceture, MFG, GIC Shanghai and Shanghai Foreign Investment Consultation (SFICC).

Huangpu began recruiting "Cornerstone Strategic Partners" for overseas funds during the foreign investment promotion meeting last year.

The objectives of the initiative include strategic planning, project coordination, and ecological development, according to the district government.

The aim is to strengthen collaboration with the partners in these areas to enhance the planning of foreign investment in Huangpu, facilitate more connections with valuable resources and expand the influence of foreign investments to the city's economy.

Rewards will be granted to the partners based on the actual overseas investment funds received, the number of projects and their quality.

The strategic move is in line with Huangpu's ongoing efforts to attract foreign investment and solidify its position as a leader in regional economic density, particularly in high-end service sectors, said Shen Shanzhou, the district director.

High-end service industries, such as financial services, trade services and professional services, have seen significant development, contributing to nearly 70 percent of the district's overall economic output, he revealed.

The region is home to 74 regional headquarters of multinational companies and 45 trade-type headquarters, with consistent growth in total sales and import-export volumes.

Over 70 companies from more than 70 countries and regions have invested in Huangpu, with 22 foreign-funded enterprises making it to the list of the city's top 100 foreign-funded companies in 2023, securing second position in the city, Shen told the conference.

In the first three quarters of this year, Huangpu attracted US$1.841 billion in actual foreign investment, marking a nearly 70 percent increase, second among all city districts and and top in the central urban area, he added.

Huangpu's openness stands as a significant feature of its economic landscape, making it one of the preferred destinations for foreign investment in China, said Xu Zhi, deputy director of the district.

Foreign-funded enterprises account for half of the district's scale consumption and a quarter of its trade volume, Xu added.

During the conference, the district released the "Huangpu District White Paper on the Foreign Investment Environment," which delves into Huangpu's unique qualities from five dimensions: core leadership, investment opportunities, green and low-carbon initiatives, open innovation, and livability.

This comprehensive approach underscores Huangpu's dedication to attracting foreign investment and fostering sustainable development, the district government said.